COIN (NASDAQ:COIN) on the Verge of an Upside Reversal

$COIN (NASDAQ: COIN) Forecast: August 4

The market value of Coinbase Global (NASDAQ: COIN) is on the verge of an upside reversal. The stock is nearing the end of its downward trend and is poised to enter a corrective phase, allowing share buyers to revisit the $405.88 neckline barrier and remain steady on the upside. The stock price may thus revert to a bullish pattern, and its upward movements could continue to a $415.96 upper resistance level, suggesting potential for shareholders, should the bulls increase purchasing momentum on the stock.

Key Levels:
Resistance Levels: $389.00, $390.00, $391.00
Support Levels: $147.00, $146.00, $145.00

COIN Long-term Trend: Bearish (Daily Chart)

With a long term outlook, the NASDAQ: COIN market price is poised for an upside reversal suggesting a potential reversal as it remains bearish in its higher time frame.
A downward trend and the significant influence of sellers in the market are indicated by the price being below the EMA.

The downward move by sellers to the $376.83 support level before the end of yesterday’s session has contributed to the stock’s recent low.

Seller’s reaction caused the $COIN price to decline even further today, hitting a low of $310.55 below the supply levels.

Meanwhile, buyers could use this opportunity to acquire the stock at a discount in the meantime in order to increase their profit later.

The stock price, however, might encounter an upward reversal at the $310.55 low level to retest the previous high of $405.88 if there is a fresh increase in buyer demand, offering buyers an excellent recovery potential.

Additionally, as a result of the market dropping below the daily stochastic oversold area, the NASDAQ stock price is poised for an upward reversal, implying that the selling pressure is likely to end soon and will compel buyers to resume sooner.

Therefore, from a higher time perspective, the next bullish corrective pattern may reach the upper high level of $415.96 sooner.

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

The $COIN price is currently displaying a downward trend on the medium-term chart and is yet close to making a turnaround to the upside.
Its recent low has been is due to the bears’ persistent pressure at a $316.80 support level over the past few days.

Due to weak positive momentum, the market price of NASDAQ: COIN continues to decline as the 4-hourly session begins today, falling to a low of $310.52 below the moving averages. Meanwhile, traders will profit later on if they purchase the share while the market is down.

In addition, the price of the NASDAQ stock is up at the oversold region of the daily, indicating that an upside reversal is imminent; the selling pressure is ending soon.

According to its medium-term projection, the $COIN price may thus reverse and pump or spike higher in the coming days to achieve the upper resistance level of $415.96

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