Coinbase Consolidates New 27-Month Highs, Looks To Form Bullish Continuation Pattern: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Coinbase Global, Inc (NASDAQ:COIN) reached a 27-month high of $276.38, showing strength despite a retracement in Bitcoin and Ethereum. JMP analyst Devin Ryan maintained a $300 price target for Coinbase, highlighting its growth prospects. Meanwhile, Ark Invest sold 199,526 Coinbase shares through ARKK, ARKW, and ARKF. Traders bearish on ARKK may consider SARK, which shorts disruptive innovation. Coinbase's stock is forming a potential bull flag pattern, indicating a possible uptrend towards $318.
March 22, 2024 | 6:54 pm
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POSITIVE IMPACT
Coinbase reached a 27-month high and is forming a bullish continuation pattern, with a potential uptrend towards $318.
Coinbase's recent performance and the bullish pattern formation indicate a strong potential for upward movement, especially with the analyst's maintained $300 price target.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SARK, focusing on shorting disruptive innovation, is highlighted as a bearish play on ARKK, potentially benefiting from ARKK's underperformance.
SARK's strategy of shorting disruptive innovation, including ARKK, positions it to potentially benefit from ARKK's recent underperformance.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Invest sold 199,526 Coinbase shares despite Coinbase's strength, indicating potential bearish sentiment on ARKK.
The sale of a significant amount of Coinbase shares by Ark Invest could reflect a bearish sentiment towards ARKK, especially considering Coinbase's strong performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80