Coinbase (COIN) Stock Bounces Off Key Fibonacci Support Level

Coinbase (COIN) stock has once again tested the critical golden ratio Fibonacci support level, triggering a significant rebound.

Coinbase (COIN) stock has tested the critical golden ratio Fibonacci support level for the second time, triggering a significant rebound, while the monthly MACD shows signs of renewed upward momentum.

Second Bounce Off Critical Fibonacci Support

Coinbase (COIN) has found strong support at the critical golden ratio level, encountered previously where it rebounded with a remarkable 140% surge just a few months ago.

This time, the stock has already rallied approximately 90% from that key technical juncture, and it shows potential to continue its upward trajectory toward the resistance zone between $319 and $370.

That upper boundary proved significant in the past, as COIN faced rejection there before retreating back to test the golden ratio support once more.

From a momentum perspective, the monthly MACD remains bullish, with its signal and MACD lines maintaining a positive crossover. Notably, the MACD histogram is beginning to tick higher this month after a three-month downtrend, suggesting a possible resurgence in upward momentum for Coinbase’s stock price.

Meanwhile, the RSI is moving in neutral regions and gives no clear directional bias.

Coinbase Stock Approaches Critical Resistance

Following a strong upward move, the MACD histogram has been ticking higher over the past several weeks, and the MACD lines are poised for a bullish cross.

Coinbase now approaches a crucial golden ratio resistance level at $278, a zone where the stock could potentially face significant selling pressure.

However, the technical outlook on the weekly chart remains predominantly bullish. The EMAs have formed a golden crossover, reinforcing mid-term upward momentum.

Meanwhile, the RSI is positioned in neutral territory, indicating neither overbought nor oversold conditions, which suggests room for further directional movement.

Coinbase Daily Chart: Golden Crossover on the Horizon

On the daily chart, Coinbase’s MACD lines have already crossed bullishly, and the MACD histogram is continuing to tick higher, signaling strong upward momentum.

The RSI is approaching overbought territory, suggesting caution but not signaling an immediate reversal.

Meanwhile, the EMAs are on the verge of forming a golden crossover, which would confirm a sustained bullish trend in the short- to medium-term timeframe.

If Coinbase can decisively break above the key golden ratio resistance at $278, it could potentially rally another 31%, targeting the upper end of the resistance zone between $319 and $370.

Mixed Signals on Coinbase Stock’s 4H Chart

On the 4-hour chart, the MACD lines have crossed bullishly, and the EMAs are poised to form a golden crossover, which would reinforce short-term bullish momentum.

However, the MACD histogram has started to tick lower, indicating weakening momentum, while the RSI is showing bearish divergence as the stock approaches the critical golden ratio resistance at $278.

If Coinbase enters a corrective phase, the next significant Fibonacci support levels to watch are at $221.50 and $187, providing potential areas for price stabilization.