Citi analyst Peter Christiansen initiated coverage of the stock with a Buy rating and a price target of a whopping $415, which is about 30% above where the stock is currently trading at.
The risk in Coinbase comes from its trading relationship to the cryptocurrency sector as a whole, however, which can fluctuate wildly.
Coinbase may attempt to set up a third bull flag pattern but Wednesday’s and possibly Thursday’s candles will need to print for confirmation.
On Tuesday, Coinbase’s retracement took it almost to the golden pocket when using a Fibonacci retracement tool before popping back up above the 0.382 level.
The consolidation on Tuesday has also helped to slightly cool Coinbase’s relative strength index which was running hot at almost 75% on Monday.
Coinbase is trading above the eight-day and 21-day exponential moving averages , with the eight-day EMA trending above the 21-day, both of which are bullish indicators.
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