Watch These Coinbase Price Levels as Stock Soars on Stablecoin Optimism

Coinbase Global (COIN) shares soared this week after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins.

Investors see the legislation, the first major framework approved by Congress dealing with the digital currency industry, as a win for Coinbase as it provides regulatory clarify, legitimizing the exchange’s stablecoin business and revenue streams. On Wednesday, the company unveiled a new product named Coinbase Payments, a solution that allows customers to make payments using stablecoins on a range of commerce platforms.

Coinbase shares soared 16% to around $295 on Wednesday, ahead of Thursday’s U.S. markets holiday. The stock is now up 19% since the start of 2025, handily outpacing the roughly 2% gain of the S&P 500 over the period.

Below, we take a closer look at the Coinbase chart and use technical analysis to identify price levels that investors will likely be watching.

Flag Pattern Breakout

After bottoming out in early April amid a broader stock market sell-off, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock’s uptrend.

Indeed, the price staged a decisive breakout from the pennant in Wednesday’s trading session, a move that coincided with a sharp uptick in the relative strength index to signal accelerating momentum. Moreover, the jump occurred on the highest volume in over a month, suggesting strong buying conviction.

In another win for the bulls, the 50-day moving average (MA) continues to converge toward the 200-day MA, setting the stage for a bullish “golden cross” signal.

Let’s identify two crucial overhead areas on the Coinbase chart to and also locate support levels worth monitoring.

Crucial Overhead Areas to Watch

The first overhead area to watch sits around $330. This location on the chart may provide resistance near last November’s twin peaks that formed just below the stock’s early-December high.

A decisive close above this area could see the shares trend higher toward $450. We projected this area using the bars pattern tool. When applying the technique to Coinbase’s chart, we take the price bars comprising the uptrend that preceded the flag and overlay them from the pattern’s breakout point. This projects a target of $450 and indicates the move higher may play out until early August if price action rhymes.

Key Support Levels Worth Monitoring

During retracements in the stock, it’s initially worth monitoring the $265 level. A pullback to this area would likely attract support neat the breakout area, which also closely aligns with last year’s prominent June and July peaks.

Finally, a more significant drop opens the door to a retest of lower support around $212. Investors may look to accumulate Coinbase shares in this region near a multi-month horizontal line that connects a series of trading activity on the chart stretching from February last year to May this year.

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As of the date this article was written, the author does not own any of the above securities.