This is a dedicated price action / technical analysis of Coinbase stock. We observed that COIN held its May bottom firmly and has attempted to stage a near-term recovery.Notably, COIN did not break its May bottom, despite a further collapse in Bitcoin in June. Therefore, its near-term price action remains constructive.Our reverse cash flow model indicates that COIN valuation is no longer aggressive. Therefore, it also lends credence to its May bottom holding.Therefore, we revise our rating from Hold to Speculative Buy, with a price target of $70 (an implied upside of 19%).
