COIN Stock Prediction 2024: Where Will Coinbase Global Be In 3 Years?

Coinbase Global, Inc. COIN shares are moving Tuesday amid increased interest in cryptocurrency-related stocks. Here's a look at what's going on.

Coinbase Global, Inc. (NASDAQ:COIN) shares are moving Tuesday amid increased interest in cryptocurrency-related stocks. Here's a look at what's going on.

What To Know: Ethereum (ETH/USD) spiked Monday afternoon, up 22.54% over the past 24 hours, amid growing optimism surrounding the potential approval of spot Ethereum ETFs.

Well-informed analysts raised their odds of approval from 25% to 75% on Monday afternoon.

The cryptocurrency is up sharply over the past 24 hours, with Bitcoin (BTC/USD) up 5.47% over that time frame.

Coinbase shares closed up 8.47% on Monday.

Last week, BofA Securities analyst Mark McLaughlin upgraded Coinbase Global to a Neutral rating from Underperform and increased the price target to $217 from $110.

The analyst noted the re-engagement of retail investors in crypto and the company's operating leverage following expense cuts.

Coinbase shares are trading lower on Tuesday, down about 1.3% premarket.

Coinbase shares closed Monday down from the 50-day moving average of $233.69 and below the 52-week high of $283.48.

COIN Stock Prediction 2024: Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting.

However, many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future.

When examining Coinbase Global, an investor could make an assessment about a stock's long term prospects using a moving average and trend line.

If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line.

For Coinbase Global, the 200-day moving average sits at $146.38, according to Benzinga Pro, which is below the current price of $225.37.

For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal.

Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

COIN Price Action: Shares of Coinbase Global are down 1.33% at $222.28 premarket at the time of publication Tuesday, according to Benzinga Pro.