Coinbase (COIN) reached the highest weekly close since April 2022 last week. The close was also made above the $100 horizontal resistance area.

ARK Invest reduced its position in Coinbase shares by $26.23 million. This was the third sale in the last seven days. 

The flagship ETF fund “ARK Innovation” sold 127,266 shares, “ARK Next Generation” sold 44,784 shares, and “ARK Fintech” sold 76,788 shares.

Nevertheless, technical analysis paints a bullish outlook. The COIN price shows bullish signs in the weekly and daily time frames, which could lead to a continuing increase.

COIN Weekly Close Validates Breakout

The COIN price has increased since the beginning of the year. It created a higher low in June and accelerated its rate of increase afterward. Last week, the price reached a close of $105.

This was the highest close since April 2022 and also caused a breakout above the $100 horizontal resistance area. Therefore, it is a significant bullish sign that could mean the upward movement is just beginning. 

Moreover, the weekly RSI supports the ongoing increase. The

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Author: Valdrin Tahiri

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