From Nasdaq:

Cryptocurrency trading platform Coinbase (NASDAQ: COIN) is benefitting from the sector’s strong performance, with COIN stock securing gains of almost 16% over the past five sessions. The total market capitalization of all cryptos currently stands at $2.51 trillion, up from $2.28 trillion at the beginning of the month, indicating a 10% move in the sector in just seven days. This bullish trend is favorable for COIN stock, offering a profitable opportunity before the weekend.

Data analysis shows that since October 2023, Coinbase has seen 108 trading sessions, with a 57.69% chance of the closing price ending higher than the opening price on days when the opening price was lower than the prior day’s close. Following this pattern, there is potential for profits from COIN stock before the weekend.

A specific trade recommendation involves buying the 8 March 2024 $240 call option if COIN stock opens below Wednesday’s close of $238.55. With a target to sell before Thursday’s closing bell, investors can take advantage of a potential 14% profit if COIN stock reaches $240.94, or a 13% loss if it drops to $7.76. This strategy emphasizes data-driven trading decisions for short-term gains.



Read more at Nasdaq: Trade of the Day: Grab Some Coinbase Profits Before the Weekend