COIN Regains Its Debut-Day Worth — What’s Ahead for Coinbase?

Coinbase Stock Rockets Back to IPO Valuation, Eyes Further Gains on Bullish Chart Signal

Coinbase (COIN) has surged to $380, reclaiming the valuation it achieved on its first trading day on the Nasdaq on April 15, 2021. This impressive rebound from its 2022 bear-market low of $31.55 signals a dramatic turnaround for the crypto exchange giant, according to TradingView data.

The rally has also triggered a significant technical event: the breakout of an inverse head-and-shoulders (H&S) pattern on Coinbase’s weekly price chart. Analysts believe this formation could pave the way for COIN to climb as high as $660 in the coming months.

Understanding the Inverse Head-and-Shoulders

An inverse head-and-shoulders pattern is a classic technical signal often seen at market bottoms. It’s composed of:

A central low (the head), representing the deepest point of bearish sentiment.
Two higher lows on either side (the shoulders), reflecting waning selling pressure.

Confirmation comes when the price pushes above the “neckline,” a resistance line connecting the highs between the troughs. Typically, trading volume contracts during the pattern’s formation but surges during the breakout, signaling renewed investor enthusiasm.

The “measured move” method estimates the upside target by projecting the vertical distance from the neckline to the head onto the breakout point. For Coinbase, this calculation suggests a possible move toward $660.

Technical Breakout Adds Fuel

COIN has now decisively cleared its neckline resistance and is consolidating above it, further validating the bullish signal. Trading volume, subdued during the long downturn, spiked in April 2024 as the right shoulder completed, reinforcing the pattern’s credibility.

Analysts Growing More Optimistic

Wall Street sentiment echoes the bullish chart. Oppenheimer recently raised its price target for COIN to $395 from $293, maintaining an “outperform” rating. Analysts highlight strengthening fundamentals and a rising tide of institutional crypto adoption as key reasons for optimism.