Analysts have raised the Coinbase price target to $290 ahead of Tuesday’s earnings call from the Nasdaq-listed company.
Founder of Blue Line Capital, Bill Baruch, notes that whatever negativity trailed the fall in the Coinbase share price in the immediate post-listing period has been “flushed out”.
Projections are for the user growth of Coinbase to exceed a benchmark of 60 million. This, along with the trading activity, could boost Coinbase, Baruch opined in a CNBC interview.
Coinbase opened with an upside gap on Monday and has surged 8.42% as of writing.
Coinbase Share Price Outlook
Monday’s 7.52% surge has violated resistance at 270.79 but has met resistance at 282.47. If the advance continues and this level is uncapped, the skies will remain clear for Coinbase share price to attain the 309.55 resistance (14 April low).
On the other hand, a pullback that follows price rejection at 282.47 allows for a retest of the violated resistance-turned-support at 270.79. Below this level, the lows of 6 May/6 August form the next available support at 250.92, with 239.29 forming new support to the south.