The stock of cryptocurrency exchange Coinbase Global Inc. (COIN) ended Thursday's trading at a new all-time closing high, but analysts are divided on whether this surge will continue.
"Now it's going straight up," said Real Vision CEO Raoul Pal in a post on Thursday in response to Coinbase's record close.
"Next up, cryptocurrency," Pal said, adding, "the liquidity floodgates are wide open."
According to Google Finance, Coinbase, which is listed on Nasdaq, closed at $369.21 on Thursday, up 3.89% for the day and nearly 40% for the month.
This increase is 3.3% higher than its previous closing high of $357.39 set in November 2021.
On Tuesday (June 24), Coinbase was the most voted company in the S&P 500 index, rising 12.10%. A month later, the company became a component of the S&P 500 index.
Many attribute Coinbase's recent rise to U.S. lawmakers passing the GENIUS Act on June 17, which supports clearer stablecoin regulation.
Coinbase co-created the USDC stablecoin with newly listed Circle Internet Group (CRCL) in 2018 and receives 50% of the revenue.
Analysts are divided on whether the surge can be sustained. Investment advisor Andy Heilman posted on Thursday (June 26) that while Coinbase is performing strongly, it may face a pullback.
"The weekly outlook for $COIN is very bullish, even if there may be a pullback," he added.
He pointed out a bullish technical setup suggesting it could soar to "potential four-digit prices."
Crypto analyst Cantonese Cat noted that the daily Bollinger Bands—a volatility indicator that traders use to buy near the lower band and sell near the upper band—are expanding, stating, "It looks like it just wants to keep going up now."
However, crypto analyst Chad had a different interpretation of the same chart, stating that Coinbase "may soon cool off due to prices exceeding the upper Bollinger Band."
Some early investors quickly pointed out that they have finally returned to breakeven.
"After buying Coinbase on the first day, I finally returned to the price I paid four years later," said crypto commentator Whoisdat.
Coinbase went public on Nasdaq on April 14, 2021, with an opening price of $381, but fell 14% during trading, closing at $328.28.
Related: Bitcoin (BTC) price enters a "normal and healthy" support testing phase, with the $108,000 level suppressing bullish momentum.
Original article: “Coinbase stock ‘vertically rising’ hits new closing high”
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