Key Coinbase Price Levels to Monitor as Stock Surges with S&P 500 Inclusion News

Coinbase shares recently surged by 24% after the announcement that the cryptocurrency exchange will join the S&P 500. This is a significant milestone for Coinbase, which went public in April 2021.

The company, now the largest crypto exchange in the U.S., will take the place of Discover Financial Services in the index. This change will take effect next Monday.

This good news follows Coinbase’s plan to acquire Deribit, a crypto options exchange, for $2.9 billion. This move is part of its strategy to expand its services, even though its recent earnings report fell short of expectations.

The rising stock price closed at around $257, bouncing back from a low of about $142 earlier in April. Coinbase is making waves, not just in the market but also among its investors.

Chart Patterns and Key Levels

Analyzing Coinbase’s stock chart reveals an interesting pattern. Between March and May, it formed an inverse head and shoulders pattern, which signals a possible bullish trend. On Tuesday, the stock broke above this pattern’s neckline, a positive sign for investors.

Even before the latest jump, trade volume had been high. This suggests that larger investors were preparing for a significant move.

What to Watch Next

Moving forward, there are key price levels to keep an eye on. The $245 mark was important going into Tuesday, but since it was surpassed, shares may now move toward $273. Investors who purchased shares at lower prices might consider selling in this area, as it aligns with past peaks on the chart.

There’s potential for even more growth. If the stock continues to rally, the $330 level could be next, where selling pressure may occur as it nears December’s highs.

Support Levels to Consider

Cautious investors should watch the $208 level during any pullbacks. This area could become a strong support zone and could attract buyers if prices retest this level.

In summary, Coinbase’s recent developments signal a promising future. As the market evolves, it’s crucial for investors to stay informed about key price movements and support levels.

For more detailed insights, you can check Coinbase’s [official investor relations page](https://investor.coinbase.com).

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