Coinbase Hits Record High Amid Mixed Analyst Views

Coinbase Global Inc. closed at an all-time high of $369.21 on Thursday, marking a nearly 4% daily gain and a 40% jump over the past month. This new peak surpasses the company’s previous closing record of $357.39 from November 2021. The crypto exchange also led the S&P 500 earlier in the week, posting a 12.10% increase in a single day. Coinbase’s inclusion in the S&P 500 on May 19 and increased regulatory clarity surrounding stablecoins have helped fuel investor enthusiasm. The GENIUS Act, advanced in the U.S. House, has been particularly impactful given Coinbase’s co-creation of the USDC stablecoin with Circle. Market Reactions and Predictions Vary Despite the bullish momentum, opinions on whether Coinbase’s rally can continue remain divided. Raoul Pal, CEO of Real Vision, commented, “Going vertical now…the liquidity spigot is wide, wide open.” On the other hand, adviser Andy Heilman suggested that while the setup remains bullish, a pullback is likely in the near term. He mentioned the potential for four-digit prices but cautioned against overconfidence. Crypto analyst Cantonese Cat cited technical indicators showing expanding Bollinger Bands, implying further upside. In contrast, another analyst, Chad, warned that the price may be “ripe for a cooldown” as it sits above the upper Bollinger Band. Some long-time investors celebrated the milestone as a breakeven moment, noting that shares have returned to their 2021 launch price. Coinbase debuted on April 14, 2021, at $381 before sliding to a close of $328.28.

Source: CryptoIntelligence