3 Reasons Coinbase Stock Price Soared to 200 EMA

Published

1 year ago

February 2, 2023

Crispus

Coinbase stock price is having a good year. The shares jumped by over 21% alone on Thursday and reached a high of $80, the highest level since September 15. It has soared by about 150% from the lowest point in 2022.

Why COIN is soaring

There are three main reasons why the Coinbase stock price is rising. The most important reason is the fact that cryptocurrency prices have jumped. Bitcoin is trading at $23,840, which is slightly below its year-to-date high of near $24,000.

Similarly, Ethereum jumped to about $1,677 while BNB Coin and XRP have risen to $328 and $0.41. In total, cryptocurrencies have seen their total market cap jump to over $1 trillion. Historically, cryptocurrencies tend to have a close correlation with Coinbase.

Second, Coinbase stock price has soared because of the Federal Reserve. In a statement on Wednesday, the Fed decided to hike interest rates by 0.25%, which was the smallest increase in months. Before that, the Fed hiked interest rates by 0.50% in December and 0.75% in the previous four meetings.

The dovish rate hike by the Fed explains why the S&P 500 index has jumped to the highest level in five months. Other crypto-related stocks like Silvergate Capital, Marathon Digital, and Bakkt have also surged.

Finally, analysts believe that the company has seen inflows in the network. Data shows that most exchanges have had inflows in the past few days. Binance has seen its inflows rise by $203 million in the past 24 hours. Similarly, OKX, Huobi, and KuCoin have seen inflows jump by over $10 million. As such, there are expectations that Coinbase has also seen inflows.

Coinbase stock price forecast

The daily chart shows that the COIN share price has been in a strong bullish trend in the past few days. It has moved to the 50-day moving average. Notably, the stock has moved to the 200-day moving average. At the same time, it has formed a cup and handle pattern, which is usually a bullish sign.

Therefore, the stock will likely continue rising as buyers target the key resistance point at $100. The stop-loss of this trade will be at $70.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

Crispus

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…