Wall Street Analysts Present High Price Projections for Coinbase Stock for the Next YearApril 25, 2022
Coinbase, the largest cryptocurrency exchange in the United States that is also now listed on NASDAQ, is gaining traction among investors. The Wall Street investors have their eyes on Coinbase shares based on the latest interjections. It is worth mentioning that COIN stock has been printing red candles since the start of the ongoing crypto bear market last November.
Mizuho firm analyst Dan Dolev recently shared that at $150 price point is going to work as a neutral or breakeven price projection for Coinbase stock. Dolev rating suggests that with the presence of big market competitors like FTX, Crypto.com, Binance, and others, the performance and stability of Coinbase in the long term are under pressure.
Short-Term Price Analysis
A short-term analysis of COIN stock indicates that it has been oscillating between $146.82 to $206.79 ranges during the last 30 days. However, the price range is very wide and has generated a considerable amount of volatility for the crypto exchange share. Data projections from Finviz.com indicate that twenty, fifty, and two hundred simple MA is pointing towards a downtrend.
However, in the last 90 days, around 16 different Wall Street investors have issued encouraging price projections for COIN. The average of these 16 projections suggests the highest possible rate of $500 and a minimal range of $135 in the next 12 months. In terms of percentage, Wall Street experts predict a possible 101.32% average per stock price estimated at $147.29.
NASDAQ led the Wall Street stock recovery for Q1 2022. However, it is worth noting that many tech company stocks listed on NASDAQ are currently moving in a downward trend for a while. At present, the cryptocurrency market is going through a bear market. It is possible that upon the recovery of Bitcoin market dominance, Coinbase stocks will also rally.
According to some experts, the cryptocurrency stocks of Coinbase are still trading far away from their true potential. At present, Coinbase stock is available for $150 per unit and based on its recent performance, it is considered overpriced. The current price of Coinbase shares is 32 times improved than estimated for the ongoing financial quarter.