Coinbase Global Inc (NASDAQ:COIN) shares are trading higher Tuesday. The stock is riding a wave of momentum from a broad cryptocurrency market rally.

Crypto Market Gains Steam

The total crypto market cap rose 4.74% to $2.56 trillion. Bitcoin (CRYPTO: BTC) climbed 5.19% over the last 24 hours, trading near $75,526. Ethereum (CRYPTO: ETH) followed with a 7.13% gain.

This surge provides a strong tailwind for the exchange operator.

Geopolitical Hopes Fuel Risk Appetite

Optimism is rising over a potential U.S.-Iran ceasefire. Vice President JD Vance hinted at a diplomatic breakthrough.

Vance stated a “very, very good deal for both countries” is possible if Tehran meets U.S. “red lines.” Traders are viewing this as a signal for increased market stability.

Short Interest In Focus

Short sellers may be feeling the squeeze. Data shows short interest in Coinbase rose from 22.64 million to 24.07 million shares.

Roughly 12.24% of the float is now sold short. At current volumes, it would take nearly two days for shorts to cover.

The tech-heavy Nasdaq is up 0.98% Tuesday. Meanwhile, the S&P 500 gained 0.70%. This risk-on environment persists despite March PPI data showing a 0.5% monthly increase.

Technical Analysis

The stock is trading 2.2% above its 20-day simple moving average (SMA) and 12.9% below its 100-day SMA.

The 50-day SMA remains below the 200-day SMA following the death cross in December, which is consistent with a market that's been rewarding rallies but selling longer-term strength.

With a 12-month return of 4.94%, the longer-term tape looks more range-bound than strongly trending, especially with price still well below the $444.64 52-week high.

  • Key Resistance: $213.50
  • Key Support: $158.50

COIN Stock Price Activity: Coinbase Global shares were up 6.77% at $186.35 at the time of publication on Tuesday, according to Benzinga Pro data.

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