Coinbase Breaks Out of Inverse H&S Pattern, Eyes $660 Target

Coinbase (COIN) has confirmed a major bullish breakout, surging past the neckline of an inverse head-and-shoulders (H&S) pattern on the weekly chart. This technical setup, which began forming after COIN hit a low of $31.55 in 2022, signals a potential long-term rally targeting levels above $600, with chart projections pointing to $660.

An inverse H&S pattern is a classic bullish reversal structure consisting of three troughs—two shallow lows (shoulders) flanking a deeper central low (the head). The pattern is completed once price breaks above the “neckline,” a resistance line connecting the highs between the troughs. Volume typically declines during the pattern’s formation and surges during the breakout, signaling strong bullish conviction.

In COIN’s case, volume was muted through the formation of the head in 2022–2023 but picked up noticeably as the right shoulder formed earlier this year. The neckline was breached in April, and since then, COIN has built a firm base above that level—confirming the trend reversal. According to the “measured move” technique, which adds the vertical distance from the neckline to the pattern’s lowest point to the breakout level, the price target stands near $660.

This bullish technical outlook aligns with recent analyst upgrades. Oppenheimer recently raised its price target on COIN to $395 from $293, maintaining its “outperform” rating amid improving fundamentals and rising institutional interest.

The combination of a confirmed technical breakout, increasing volume, and positive sentiment from analysts suggests COIN may be entering a new bullish phase. Traders and investors watching the crypto sector should keep a close eye on Coinbase as it continues to climb.