COIN (NASDAQ:COIN) Could See a Significant Bounce Soon

$COIN (NASDAQ: COIN) Forecast: March 17

The Coinbase Global (NASDAQ: COIN) market could see a significant bounce soon as the selling pressure is about to subside. The stock price may change direction to the upside if the current support at $179.16 holds. Thus, the share price may turn to the upside to retest the $349.75 previous high level, and target the $355.00 supply level, provided buyers increase their actions in the market.

Key Levels:
Resistance Levels: $300.00, $301.00, $302.00
Support Levels: $162.00, $161.00, $160.00

COIN Long-term Trend: Bearish (Daily Chart)

In a higher time frame, the $COIN market could see a significant bounce or surge as soon as the selling pressure seems to have been exhausted. The stock price is below the EMA-50, indicating a downward trend and the high impact of sellers in the market.
The sustained pressure from the bears at the $177.11 support level in the last trading session contributed to the market’s bearishness at its recent low. Hence, the share market is oversold and on the verge of a potential upside reversal.

The NASDAQ stock price remains bearish at the $179.16 low mark below the EMA-50 as the daily chart opens today, suggesting the high impact of sellers in the stock market.

However, the share market could see a significant bounce if a renewed surge in buyers’ interest occurs, the stock price may undergo an upside reversal at the $179.16 support level to retest the prior high of $349.75, signaling an uptrend and a potential gain for shareholders.

In addition, pointing up at the oversold region as indicated by the price projector shows a high possibility for price reversal.

As a result, the NASDAQ: COIN could see a significant bounce to a $355.00 upper resistance level in the days ahead in its long-term perspective.

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

On the medium-term chart, the NASDAQ stock market price seems to have pulled back a little, but the overall trend is still bearish in its medium-term outlook.
Further, the price is below the EMA line, suggesting a bearish market. Hence, the stock market could see a significant bounce soon as it resumes its bullish correction.

The sustained bearish pressure to a $179.18 support level in the last session has made the share price remain below the supply trend levels in its recent correction.

With the positive sentiment, the $COIN price rallied up to the $184.88 resistance value below the moving average as a pullback and breached the $182.17 barrier as the 4-hourly chart opens today.

Thus, a significant bounce and a possible breakout from the $184.88 neckline will accelerate the buying momentum and push the stock price higher to hit the $349.75 previous high levels, bolstering more buying pressure on the share market to the upper resistance levels.

Further, the NASDAQ: COIN market is pointing up below the 20% range of the daily stochastic, suggesting that the share market is oversold and the continuation of bullish pressure is crucial at this moment.

Hence, the bulls are expected to turn around the price of $COIN, and the target might be the $355.00 upper supply value amidst the market surge in the days ahead in its medium-term forecast.

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