Coinbase COIN bullish setup suggest at least +30% bounce
Coinbase Global (NASDAQ: COIN) lost 43% of it’s value in the recent three months. In today’s article, we’ll demonstrate the Elliott Wave structure taking place within the daily cycle and we will explain the potential reaction higher that we expect to take place.
COIN is currently showing a classical case of an impulsive 5 waves advance, then it’s followed by a corrective 3 waves ZigZag structure.
Impulsive 5 waves + Corrective ABC
The stock rallied from September 2024 low $146 and ended the 5 waves structure in December 2024 at $352. After that, it started the corrective 3 waves pullback (A)(B)(C) with a target at equal legs area $201 – $132. That is to say, the current decline already reached the blue box area in wave (C) which is a High-frequency area where the market is likely to end the cycle and make a turn.
Consequently, COIN will bounce higher from current levels and will reach at least the 50% of the decline from wave (B). That reaction higher would take the price back initially toward $260 area which is +30% move from current lows. Likewise, if the bounce continues toward the descending trendline then it can do a +50% move higher toward $300.
COIN daily chart 3.3.2025
In conclusion, Coinbase stock COIN has a bullish Elliott Wave setup taking place following the current decline. Therefore we only recommend the long side from our Blue Box area as we soon expect a reaction higher to take place this month.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
