Coinbase Stock Price Surges Amid Wall Street Optimism

Coinbase's recent stock price increase has sparked interest among investors and analysts alike. The company's stock price has risen by over 6.5% in recent days, reaching its highest level since February. This surge is attributed to the overall rebound of the crypto market, with Bitcoin reaching above $67,000.

Despite the recent crash, which saw Coinbase's stock plummet by over 61%, Wall Street analysts remain bullish on the company. According to data compiled by MarketBeat, 19 out of 33 analysts have a buy rating for Coinbase, while 11 have a hold and 3 have a sell. The consensus price target among analysts is $278, representing a 62% surge from the current level.

The analysts' optimism towards Coinbase is based on several factors, including its market share in the US market and the diversity of its business. In addition to making money through transactions, the company has a large custody, stablecoin, and subscription business. The recent expansion of its business by launching thousands of tokenized stocks is also seen as a positive move, allowing it to compete with other companies like Robinhood and WeBull.

However, a technical analysis of the stock's chart suggests that the decline may not be over yet. The daily timeframe chart shows that the COIN share price has come under pressure in the past few months, dropping from a high of $447 to the current level of $172. The stock remains below the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicators, indicating that bears are still in control.