COIN (NASDAQ:COIN) Poised for an Upward Retracement

$COIN (NASDAQ: COIN) Forecast: December 3

The Coinbase Global (NASDAQ: COIN) market price is poised for an upward retracement after hitting new lows at $252.20. The stock is nearing the end of its daily downward movement and is on the verge of a correction. This reversal pattern could assist share buyers to revisit the $405.88 neckline barrier and remain stable on the upside. Therefore, if the bulls put more pressure on the purchasing momentum, the share price may reverse to a bullish pattern, and its upside moves might continue to the $415.00 upper resistance level, registering a buoyant upward trajectory.

Key Levels:
Resistance Levels: $392.00, $393.00, $394.00
Support Levels:    $252.00, $251.00, $250.00

COIN Long-term Trend: Bearish (Daily Chart)

$COIN has a bearish long-term outlook and is poised for an upside reversal. The price is below the EMA line, suggesting sellers have a significant influence on the market and that there is a downward momentum.
The sell traders moved to the $272.82 support level before the end of yesterday’s session. This gave sellers extra strength to continue with the trend at its recent
low.

The NASDAQ: COIN price dropped even further today, reaching a low of $252.20 below the supply levels as a result of the sell traders’ actions.

Meanwhile, buyers could take advantage of this to purchase the stock at a discount for a bigger profit later on.

However, the NASDAQ stock price may see an upside retracement from the current low to retest the previous high of $405.88 if there is a fresh spike in buyer demand, giving stock buyers excellent recovery potential.

Conclusively, $COIN is on the verge of an upside reversal as the market approaches the oversold region of the daily stochastic. It means the selling pressure is expected to end shortly, for purchasers to resume sooner.

Hence, the next bullish corrective pattern may extend to the $415.00 high sooner in its higher time forecast.

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

The stock market is below the moving averages, indicating a medium-term pessimistic outlook. Thus, $COIN is correcting as it begins its uphill trend, seeking to rise higher.
Actions from the short traders at a $272.86 low point in the last few hours have lowered the share price below the supply trend lines in its latest downturn.

Today, the NASDAQ:COIN buyers’ corrective rally to a $261.25 high level at the support area on the 4-hourly chart might continue and travel towards the $388.27 prior high, amid a new bullish reversal pattern.

Notably, the stock price is up on the daily stochastic, indicating that the bullish pattern may continue.

In light of this, the NASDAQ stock price may spike higher to reach the $408.55 upper resistance level in the days ahead in its medium-term forecast.

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