COINBASE rebounded on its 1W MA50. Next target = $390
Coinbase (COIN) hit (and even broke) last week its 1W MA50 (blue trend-line) for the first time in more than 1 year (since the week of June 26 2023) and posted an incredibly bullish reaction by almost recovering all of the weekly losses.
At the same time, that drop almost touched the bottom of the 1.5 year Channel Up that started after the 2022 market bottom. All similar bottoms registered at least +146.82% rallies on the Bullish Legs that followed, so we expect the stock to have a minimum $390 Target, which will also reach the 0.786 Fibonacci Channel level, that is always hit during such rallies.
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At the same time, that drop almost touched the bottom of the 1.5 year Channel Up that started after the 2022 market bottom. All similar bottoms registered at least +146.82% rallies on the Bullish Legs that followed, so we expect the stock to have a minimum $390 Target, which will also reach the 0.786 Fibonacci Channel level, that is always hit during such rallies.
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