Coinbase receives positive support - Analysis - 12-09-2022

Coinbase's stock (COIN) rose in the last session like other crypto trading companies after Bitcoin surged 10% past $20,000, and even $21,000, with the stock upgraded to "buy" by Daiwa, with the stock rallying 10.66%, or 7.79 points, settling at 80.87, with trading volumes surpassing 15.3 million shares, above 10-day averages of 8.7 million shares. 

Technically, the stock gathered support after leaning on the 50-day SMA, while also leaning on the upward correctional short-term trend line, amid positive signals from the RSI after reaching oversold levels. 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 116.30, provided the support of 64.00 holds on.

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Expected trend for today: Bullish