Coinbase COIN Rallies 49.7% in 24 Hours Reaching Highest Level Since May 2022 Coinbase is experiencing a swift turnaround in its fortunes following
a significant rally in its stock price. Listed on the Nasdaq trading floor, the COIN stock price has rallied
over 49%.
The crypto-backed stock started November
at $77 but has since skyrocketed to $115.93 in the last 24 hours. This strong bullish momentum is the highest price
COIN has attained since May 2022, after which the nascent crypto market went into a year-long bearish run. COIN has since rallied above its 50-day moving average (MA) price of $82.42; its 200-day MA price
of $72.62 is also positively bullish. The stock has also broken into the overbought zone in
its relative strength index (RSI) following a figure of 82.83. Despite these gains
, COIN’s current price remains substantially lower than its 2021 listing price. The exchange’s stock reached an all-time high (ATH)
of $350 before experiencing a significant decline in early 2022 due to industry-wide market downturns. Now, COIN is looking to make a comeback given its key role in the ongoing race for a spot Bitcoin exchange-traded fund (ETF) approval for several legacy-based asset
management firms.
