On the Daily chart, following a prolonged bullish rally, Coinbase has given a breakout of Ascending Triangle Pattern on the upside, accompanied by significant trading volume, indicating a potential continuation of the bullish trend.

The stock is currently trading above both its 100-day and 200-day exponential moving averages on the daily timeframe, which is a positive short-term signal.

The Ichimoku cloud technical indicator further supports this outlook, as it shows that the price is trading above both the conversion and base lines, indicating underlying strength.

In addition, the daily Relative Strength Index (RSI) at 14 periods is in a bullish mode and trading above the ~59 level.

On the Directional front DI+ is trading above DI- indicating uptrend whereas ADX trading above DI- is indicating strength in the upward move.

Ascending Triangle

Dec 12 2023