US Tiger Securities Upgrades Coinbase Stock to 'Buy'

US-based investment firm US Tiger Securities has updated its rating for Coinbase, the cryptocurrency exchange. The firm raised its recommendation from 'neutral' to 'buy'. This decision is interpreted as a sign of confidence in Coinbase's potential under current market conditions and the company's financial outlook. Analysts note that Coinbase could benefit particularly from recovery signals in the cryptocurrency market and increasing trading volumes. US Tiger Securities' report also cited the company's revenue diversification and progress in regulatory compliance as factors influencing the upgrade. The investment bank also revised its earnings per share expectations for Coinbase, painting a more optimistic picture for 2024. This development comes at a time of growing institutional interest in the cryptocurrency sector. This is not investment advice.

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US Tiger Securities' 'Buy' recommendation for Coinbase could serve as a positive catalyst in the short term. However, technical indicators remain weak: the RSI is at 44.8 in neutral territory, the MACD is below the signal line, and the price is trading below both the 20-day and 50-day moving averages. As a result, upside potential may be limited. A news-driven relief rally is possible, but stronger signals are needed for a trend reversal.

RSI 14

44.8

MACD

-1.28

24h Δ

-1.19%

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