Possible 48% Upside for Coinbase
Coinbase (COIN) shares have shown a strong correlation with Bitcoin (BTC), though some divergence has appeared recently. While Bitcoin has reached new highs, COIN still trades roughly 40% below its own peak. The stock found solid support in the $140–150 range back in late March and has since rebounded toward the midpoint of its ascending channel. It’s currently consolidating below this mid-channel barrier, and a breakout above it could unlock a 48% upside toward the upper trendline resistance.
Given this setup, I’m planning to initiate a long position around $250–260, targeting a move to $350–360, which lies just below the channel’s resistance to stay prudent. To manage risk, a stop-loss will be set at $160, below recent support and the bottom of the trend structure.
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