Coinbase (COIN) stock shows signs of significant growth as highlighted by crypto analyst Ali Martinez, who noted the formation of a bullish pattern on the stock's chart.
Bullish Pattern of Coinbase Stock
Ali Martinez highlighted a rare bullish pattern on Coinbase's chart, predicting a potential rise to the $2000 level. According to him, COIN is attempting to break out of a multi-year cup and handle pattern, which usually indicates an upcoming bullish trend. Currently, Coinbase stock is trading at $359, up 1.19% over the past 24 hours.
Impact of the Crypto Market on Coinbase
Coinbase generates revenue from trading fees and subscriptions, fluctuating with cryptocurrency prices. High cryptocurrency prices lead to higher revenues for Coinbase, while falling prices result in reduced income. However, revenues from subscriptions and services are less volatile. In the last 24 hours, the global crypto market cap increased by over 1% to $3.39 trillion, supporting the rise of Coinbase stock.
Performance of MARA, MSRT, RIOT, and HOOD Stocks
Many crypto-related stocks, including MARA, MSRT, RIOT, and HOOD, also showed positive performance. Shares of Marathon Holdings (MARA) traded around $17.8, up 1.57% over the last 24 hours. MicroStrategy (MSRT) increased by 1.24% to $401.85. Additionally, Riot Platforms (RIOT) rose by 1.43%, and Robinhood Markets shares surged by 2.73%.
Given the current trends in the crypto market and the activity analysis of Coinbase stock, there is a strong indication that the stock may reach a significant level of $2000 if bullish sentiments persist in the market.
