Coinbase Surges to $380, Completing Full Recovery to 2021 IPO Valuation

Coinbase shares have rallied back to $380, reaching levels last seen during its Nasdaq debut on April 15, 2021. This marks a full rebound from the 2022 bear market low of $31.55, according to data from TradingView.

The dramatic recovery has triggered an inverse head-and-shoulders (H&S) breakout on Coinbase’s weekly chart — a bullish pattern that suggests the potential for a prolonged rally. Based on technical analysis, this move could propel the stock toward $660.

What Is an Inverse Head-and-Shoulders Pattern?

The inverse head-and-shoulders is a classic reversal formation composed of three troughs:

• A deep central trough (the “head”) that represents maximum bearish sentiment.
• Two shallower troughs (the “shoulders”) on either side, which tend to form at roughly the same level.

The pattern is considered confirmed once the price breaks above the “neckline” — a resistance line connecting the highs between the troughs. Volume typically declines during the formation of the pattern but increases significantly during the breakout phase.

Using the “measured move” technique, analysts project potential upside by adding the vertical distance from the neckline to the head to the breakout point. For Coinbase, this suggests a price target of around $660.

Technical Breakout Confirmed

Coinbase (COIN) has now broken above the neckline resistance and is holding above it, confirming the bullish pattern. Volume data supports the breakout: trading activity remained muted through the 2022–2023 slump but picked up notably in April 2024, aligning with the completion of the pattern’s right shoulder.

Analyst Sentiment Aligns with Technicals

The bullish technical signal aligns with positive sentiment from Wall Street. Recently, Oppenheimer raised its price target on COIN to $395 (up from $293), reaffirming its “outperform” rating. Analysts cite improving fundamentals and continued institutional crypto adoption as key drivers.