Coinbase: The Sky Is The Limit

29 พ.ย. 2023

For the first time in a long time, Coinbase COIN recently broke out from the price base it's been stuck in over the last year and a half.

Since breaking below $100 per share last May during the Terra / Luna collapse, the stock has languished as a laughingstock of wall street and an SEC punching bag:



However, with CZ, the CEO of Binance, stepping away from the rival platform, Coinbase now has shot to become the best, biggest, most 'trusted' onshore crypto broker.

CZ's settling of his legal woes also appears as though it could be the beginning of the end when it comes to overregulation and misregulation of the sector. Combined with COIN's recent win in court over the SEC, things are looking up from a legal perspective.

Despite the rally, there are still some issues.

The stock still remains down from it's IPO day pricing above $400, and the stock has seen volatile earnings and profits as the crypto frenzy has slowed down:



That said, the company has worked to diversify its revenue, and it's 'Base' chain, by all accounts, has been successful so far, jumping into the top few chains by volume and TVL.

We expect great things as crypto begins to get its mojo back, and we're excited to take the ride.

Tactically, we think the stock could experience a quick pullback as investors will likely do some profit taking. Then, from there, we see open skies until $150 and $220, the next two swing low pivot points. Broadly, we like taking this long while risking to $88 and trailing on pivots.

Good luck out there.

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