Coinbase Share Price Set for Higher Open, But Faces Headwinds Below $270

The Coinbase share price looks set to open slightly higher this Tuesday, following Monday’s 0.51% loss. This comes as Bitcoin briefly raced past the $50,000 mark, carrying along with it an increase in buying interest in several cryptocurrencies. This sentiment has boosted sentiment on Coinbase’s share price in premarket trading.

The Coinbase share price could yet come under pressure as several law firms are preparing to seek civil claims regarding the company’s IPO. Notice of a class-action lawsuit against the company had investors ditching the stock on Monday. The class-action lawsuit seeks to establish if its executives made false/misleading claims regarding whether the company needed a significant cash injection or whether its exchange platform was susceptible to disruptions. 

Coinbase share price is up 0.68% in premarket trading.

Coinbase Share Price Prediction

A potential dark cloud cover on the daily chart opens the door for the price to test the 250.92 support if an outside day candle forms. The ascending trendline support will be a barrier between sellers and the 239.29 price support if this support gives way. A breakdown of this trendline allows sellers to aim for 239.29 and potentially the 230.00 psychological price level (24 June high/4 August low).

On the flip side, if buyers can build on the premarket gains, the Coinbase share price could target the 270.79 resistance. A further advance brings 282.47 into the picture, with 293.72 becoming available if the bulls successfully uncap the barrier at 282.47.

Coinbase Share Price: Daily Chart

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