- Coinbase stock price has rebounded in the past few weeks.
- The company will benefit from the ongoing USDC market cap gains.
- Technical analysis points to a 40% surge to the 50% Fibonacci Retracement level.
Coinbase stock price continued its strong recovery this month as the crypto market rally resumed. COIN jumped to $210 on Tuesday, its highest level since January 28. It has soared by 50% from the year-to-date low, and some major catalysts mean it may jump by 40% from the current level.
Coinbase Stock Has Some Key Catalysts
COIN shares have jumped in the past few days, helped by the ongoing crypto market recovery that has pushed Bitcoin from the year-to-date low of $60,000 to over $73,000. Its market capitalization has jumped to over $2.53 trillion.
Historically, Coinbase and other crypto exchanges do well when Bitcoin and other altcoins are rising. That surge often leads to higher volume, which leads to more transaction revenue. Data shows that the volume in the spot and derivatives market has jumped this month.
Coinbase stock has some other potential catalysts. First, data shows that the Bitcoin and Ethereum ETFs have added assets this month. Spot Bitcoin ETFs have added over $1.5 billion this month, while Ethereum funds added $358 million in assets. This growth is important as Coinbase is the biggest custodian in the crypto ETF industry.
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COIN stock has jumped because of the ongoing USDC growth. CMC data shows that the USDC market capitalization has jumped to over $81 billion, while the monthly transaction volume has jumped to over $6.2 trillion Inn in the last 30 days.
Coinbase benefits from the USDC growth because of its partnership with Circle. It holds about 8.5 million Circle stock, which has jumped by over 150% from its lowest level this year. Also, Coinbase keeps all the USDC revenue it makes on its platform. As a result, the company made over $1.38 billion in stablecoin revenue last year, up from $910 million in 2024. It is its second biggest segment after consumer transactions.
COIN stock may also benefit from its expansion into the stock market, which will help it become a bigger competitor to Robinhood. It will also help it continue to diversify its business from the highly volatile crypto market.
COIN Stock Price Technical Analysis
The daily timeframe chart shows that the Coinbase share price has rebounded from the year-to-date low of $139.60 in February to the current $210. This price coincides with the 23.6% Fibonacci Retracement level.
The stock has jumped above the 50-day Exponential Moving Average (EMA), a sign that the uptrend is gaining momentum. It has also jumped above the Supertrend indicator.
Therefore, the most likely scenario is where the stock continues rising, potentially to the 50% Fibonacci Retracement level at $295, which is about 40% above the current level. On the flip side, a drop below the key support level at $180 will invalidate the bullish outlook.
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