COIN (NASDAQ:COIN) Possible Reversal at the $269.00 Support Level

$COIN (NASDAQ: COIN) Forecast: February 8

The Coinbase Global (NASDAQ: COIN) market price might soon resume its upward trends with a possible reversal at the $269.00 support level. The stock market is on the verge of an upside turn at its current low value as the selling pressure has reached the exhaustion stage. Therefore, a bullish breakout confirmation that closes above the $349.75 resistance level would indicate that the share market is feeling more optimistic. By doing this, buyers will have a stronger foundation to extend this recovery. Therefore, a post-retest rally could push share prices higher and reach the resistance trend level of $360.00, providing substantial returns to the shareholders.

Key Levels:
Resistance Levels: $300.00, $301.00, $302.00
Support Levels: $175.00, $174.00, $173.00

COIN Long-term Trend: Bearish (Daily Chart)

The $COIN market’s long-term outlook is bearish, as can be seen from the chart below, due to the inflow from sell traders.
The share price is below the supply levels, suggesting a bearish momentum. However, the current trend will soon be nullified as the stock market is already oversold.

The sustained pressure from the bears at the $274.56 support level during yesterday’s session has contributed to its bearishness in its recent low.

The price of NASDAQ stock at the $269.00 low value below the EMA-50 as the daily chart opens today is due to low bullish momentum.

However, if a renewed surge in stock buyers occurs, the $COIN price might experience a possible reversal at the $269.00 current low value and turn upside to hit the $349.75 high point, signaling the potential for significant gains as the uptrend resumes soon.

Notably, as the NASDAQ: COIN market remains at the daily stochastic oversold area, a price reversal at the mentioned support is possible in the interim. In the long run, this anticipated bullish surge could break through the $349.75 high point and reach the $360.00 upper resistance value in the upcoming days.

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

The $COIN market is in a bearish market in the medium-term outlook due to the high influence of the sell traders. Meanwhile, there is a possibility of price reversal at the recent low.
Actions from the short traders at a $272.30 low in the last few hours have dropped the share price beneath the supply trend lines in its recent low.

As the 4-hourly chart begins today, bearish actions sent the NASDAQ: COIN price lower, reaching the $269.00 support level below the EMA-50.

With the overall market trend still bearish, the stock price may experience a possible reversal and plunge higher to retest the high accumulation zone of $349.75, resulting in an intraday gain for shareholders.

Meanwhile, the $COIN market might finish the downward correction and start reversing as the market is already oversold.

If this is achieved, the recovery rally may reach the $360.00 upper high value in the coming days in its medium-term perspective.

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