As the Coinbase (COIN) stock chart shows, trading closed yesterday above the $200 mark — for the first time since March.

Since the beginning of April, COIN's share price has risen by nearly 20%, while the S&P 500 index (US SPX 500 mini on FXOpen) has declined by approximately 2%.

Bullish Drivers Behind COIN’s Price Rise

According to media reports, several factors are contributing to the bullish momentum:

→ Yesterday’s announcement that Coinbase and PayPal are expanding their partnership in the areas of crypto payments and decentralised finance (DeFi). The collaboration aims to increase the adoption of the PYUSD stablecoin and integrate it into merchant settlements.

→ The anticipated adoption of US stablecoin legislation, designed to establish a regulatory framework for the use of stablecoins. This is being supported by the Trump administration’s progressive stance on cryptocurrencies, including the appointment of crypto-friendly officials, the creation of a strategic crypto reserve, and other pro-crypto initiatives.

Technical Analysis of COIN Stock

The psychological level of $150, which served as strong support in 2024, has proven resilient again in April 2025. However, despite the rapid rise in price from $150 to $200 in under three weeks, there are reasons to believe that bullish sentiment may begin to fade:

→ The COIN share price remains within a downward trend, highlighted by a channel originating in early 2025.

→ The upper boundary of the channel may act as a resistance level.

→ Bears have previously demonstrated control in the $225–240 zone, where the price declined sharply (marked with a red rectangle).

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