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The Setup for the Next Bull Run is Here

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Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at

On the 6 th of June 2023, the U.S. Securities and Exchange Commission (SEC) filed charges against Coinbase for allegedly violating federal securities law. The SEC accused the company of operating an unregistered exchange and broker, similar to a previous lawsuit against Binance, another cryptocurrency exchange. In 2020, the SEC also initiated a lawsuit against Ripple, the company responsible for the XRP token, alleging their violation of securities laws.

However, last week, a U.S. judge ruled that the purchases of XRP tokens through exchanges were not considered securities transactions. This ruling was met with enthusiasm by the cryptocurrency community and exchange platforms, as it is believed to bring more clarity to regulatory matters. In response to the news, the price of XRP saw a significant surge of almost 100% on an intra-day basis, ultimately closing 73% higher. This sudden upward movement suggests a shift in the market sentiment and indicates the potential for higher price levels over the long-term.

The favourable court ruling on XRP has instilled confidence in Coinbase’s legal case against the SEC and hopes that other cryptocurrencies may also avoid being classified as securities. Although the SEC maintains that most digital assets fall under this category. Nevertheless, the XRP decision has weakened the SEC’s position on this matter.

Following the positive court outcome, Coinbase’s shares experienced a sharp increase in value, benefiting from Ripple’s partial victory and the resulting improved confidence within the crypto industry. Coinbase’s leading market position and strong reputation have positioned it favourably in this context.

Coinbase’s CEO, Brian Armstrong, has a scheduled meeting with Democrats from the House of Representatives behind closed doors to discuss various issues related to digital-asset legislation, taxation, national security, privacy, and climate.

Recent efforts by lawmakers from both the House and Senate have been made to introduce bills aimed at providing clarity in cryptocurrency regulation. However, given the division in Congress, the prospects for passing such legislation remain uncertain.

Despite the latest positive developments, Coinbase faces significant regulatory challenges. The company recently suspended its retail staking services in four states, as these services were deemed to represent securities.

A graph of stock market

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Source: TradingView

The primary down trend has lost momentum over the past year and the price of Coinbase shares has been trading sideways, fluctuating between $31.55 and $116.30. While the current price action remains within the boundaries of its trading range, the leading Relative Strength Index indicator broke above its previous resistance and is firmly in its bull market range.

This suggests that it is a matter of when not if, key resistance of $116.30 would be broken upwards. Such potential breakout will have bullish implications for the price of Coinbase as it will confirm the prior primary down trend has reversed course, which would signal that higher price levels are likely in the months ahead. The potential upside price target based on the anticipated breakout is in the range between $155 and $180.

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Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

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Sandeep Rao

Research

Sandeep joined Leverage Shares in September 2020. He leads research on existing and new product lines, asset classes, and strategies, with special emphasis on analysis of recent events and developments.

Sandeep has longstanding experience with financial markets. Starting with a Chicago-based hedge fund as a financial engineer, his career has spanned a variety of domains and organizations over a course of 8 years – from Barclays Capital’s Prime Services Division to (most recently) Nasdaq’s Index Research Team.

Sandeep holds an M.S. in Finance as well as an MBA from Illinois Institute of Technology Chicago.

Julian Manoilov

Marketing Lead

Julian joined Leverage Shares in 2018 as part of the company’s primary expansion in Eastern Europe. He is responsible for web content and raising brand awareness.

Julian has been academically involved with economics, psychology, sociology, European politics & linguistics. He has experience in business development and marketing through business ventures of his own.

For Julian, Leverage Shares is an innovator in the field of finance & fintech, and he always looks forward with excitement to share the next big news with investors in the UK & Europe.

Violeta Todorova

Senior Research

Violeta joined Leverage Shares in September 2022. She is responsible for conducting technical analysis, macro and equity research, providing valuable insights to help shape investment strategies for clients.

Prior to joining LS, Violeta worked at several high-profile investment firms in Australia, such as Tollhurst and Morgans Financial where she spent the past 12 years of her career.

Violeta is a certified market technician from the Australian Technical Analysts Association and holds a Post Graduate Diploma of Applied Finance and Investment from Kaplan Professional (FINSIA), Australia, where she was a lecturer for a number of years.

Oktay Kavrak

Head of Communications and Strategy

Oktay joined Leverage Shares in late 2019. He is responsible for driving business growth by maintaining key relationships and developing sales activity across English-speaking markets.

He joined Leverage Shares from UniCredit, where he was a corporate relationship manager for multinationals. His previous experience is in corporate finance and fund administration at firms like IBM Bulgaria and DeGiro / FundShare.

Oktay holds a BA in Finance & Accounting and a post-graduate certificate in Entrepreneurship from Babson College. He is also a CFA charterholder.

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