Key Points
- Coinbase shares surged 16% to around $295 following the Senate's passage of the GENIUS Act, a bipartisan bill regulating and promoting stablecoins, providing regulatory clarity for Coinbase's stablecoin business.
- The stock broke out of a flag pattern, indicating a continuation of its uptrend, with strong buying conviction shown by high trading volume and a rising relative strength index.
- Key overhead resistance levels to watch are around $330 and $450, which could signal further upward movement if breached.
- Important support levels during potential retracements are near $265, aligning with the breakout area, and $212, a multi-month horizontal support line.
Summary
Coinbase Global (COIN) shares experienced a significant 16% surge to approximately $295 after the U.S. Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes stablecoins, marking a major legislative step for the digital currency industry. This regulatory clarity is seen as a boost for Coinbase, legitimizing its stablecoin operations and revenue streams. The company also launched Coinbase Payments, enabling stablecoin transactions on commerce platforms. Since the start of 2025, Coinbase stock has risen 19%, outperforming the S&P 500's 2% gain. Technologically, after bottoming out in April, the stock trended upward and consolidated in a flag pattern, breaking out decisively with strong volume and momentum. Investors are advised to monitor resistance levels at $330 and $450 for potential further gains, and support levels at $265 and $212 during retracements. The stock's technical indicators, including a converging 50-day and 200-day moving average, suggest a bullish outlook with a potential "golden cross" signal on the horizon.