Shares of Coinbase Global (COIN) have surged nearly 95% over the past year. The upside has been fueled by a rebound in crypto trading volumes, rising institutional interest, and optimism about Bitcoin’s rally. The company is set to report third-quarter earnings on October 30. Ahead of the release, technical indicators suggest that COIN stock is a Buy, which implies further upside from current levels.
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Currently, analysts expect Coinbase to report Q3 earnings of $1.14 per share, up significantly from $0.28 in the same quarter last year. Also, the company’s revenue is expected to rise by about 49% year-over-year to $1.80 billion.
Analyzing Coinbase Stock’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, COIN stock is currently on an upward trend. The Moving Average Convergence Divergence (MACD) indicator, which helps understand momentum and potential price changes, signals a Buy.
Further, the stock’s 50-day Exponential Moving Average (EMA) is 338.29, while its price is $351.61, implying a bullish signal. Also, its shorter-duration EMA (20 days) signals an uptrend.
Another technical indicator, Williams %R, helps traders see if a stock is overbought or oversold. For Coinbase stock, Williams %R currently shows a Buy signal, suggesting the stock is not overbought and has room to run.
Is COIN a Good Buy Right Now?
Turning to Wall Street, COIN stock has a Moderate Buy consensus rating based on 14 Buys, eight Holds, and two Sells assigned in the last three months. At $382.57, the average Coinbase stock price target implies a 10.46% upside potential.
