COIN (NASDAQ:COIN) Buyers Will Invade Soon

$COIN (NASDAQ: COIN) Forecast: December 17

The Coinbase Global (NASDAQ: COIN) market is currently bleeding, suggesting that buyers will likely invade soon and could see another uptrend as selling pressure is about to subside. If the bulls become more aggressive in their purchases and all support levels remain unchanged, the share price may rise and turn upward from its current support level of $246.80. As a result, the price breakout may test the previous high of $392.16 and extend to an upper resistance level of $415.96, indicating capital inflow to the asset and increasing buying pressure.

Key Levels:
Resistance Levels: $390.00, $391.00, $392.00
Support Levels:     $231.00, $230.00, $229.00

COIN Long-term Trend: Bearish (Daily Chart)

The $COIN market is in a bearish scenario on the higher time frame, suggesting a possible reversal soon. The share price is below the moving average due to the high order flow of the sell traders.
The stock market is below the supply trend lines at its most recent low as a result of persistent bearish pressure to $263.16 over the last few days.

Due to sellers’ action, the NASDAQ: COIN price fell even more today, hitting a low of $246.18 below the supply levels.

However, the stock price may see an upside reversal from the mentioned support to retest the previous high of $392.16 if there is a fresh surge in buyer demand, providing stock buyers with excellent recovery potential.

Notably, the share market is now oversold and is on the verge of an upside reversal.

This will arouse buyers’ interest in the asset, and the $415.96 upper resistance level may be the target in the upcoming days.

COIN Medium-term Trend: Bearish (4H Chart)

The $COIN price remains in a bearish market in the medium-term outlook. The price is below the EMA-50, indicating a downward momentum and the high impact of sellers.
The bears’ earlier activity on the share at the $266.70 supply level has contributed to the bearishness in its recent low.

The market price of NASDAQ: COIN drops further to $246.82 below the moving averages as the 4-hourly session opens today due to low bullish momentum.

Hence, if the bulls increase the intensity of their market activity, the stock price may rebound from the mentioned support to the prior peak value of $388.27, providing stock buyers with recovery potential.

Additionally, the NASDAQ stock price is up at the oversold region of the daily stochastic, indicating that an upside reversal is imminent.

According to our medium-term estimate, the share price may reverse and surge in the coming days to hit the upper resistance level of $415.00, before a range breakdown.

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