COIN (NASDAQ:COIN) Price Anticipates Bullish Correction

$COIN (NASDAQ: COIN) Forecast: December 20

Today, the Coinbase Global (NASDAQ: COIN) market is bleeding and anticipates a bullish correction as the selling pressure is about to subside. The stock price could be ready for an upward movement soon. Therefore, should the bulls add more pressure to the buying momentum, the price may reverse from current support to a bullish pattern at $392.16 peak value and extend further to reach a $400.00 upper resistance level, indicating a high potential for share investors.

Key Levels:
Resistance Levels: $349.00, $350.00, $351.00
Support Levels:    $235.00, $234.00, $233.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ:COIN market has a bearish long-term outlook and is poised for a bullish reversal.
The price is below the EMA line, suggesting that sellers have a significant influence on the price and that there is a downward momentum.

Before yesterday’s session ended, the sell traders drove the stock price to a $253.10 support level.

This strengthened sellers’ ability to maintain the trend at its most recent low. As a result, the market is currently oversold and about to turn upward.

Due to the sellers’ action, the $COIN price fell even more today, hitting a low of $239.10 below the supply levels. Thus, buyers could use this opportunity to acquire the asset at a discount for future gains.

However, the share price may see an upside reversal to retest the previous high of $392.16 level if there is a fresh surge in buyer demand, giving stock buyers excellent recovery potential.

In conclusion, the NASDAQ stock price has fallen to the oversold region, and an upside reversal is imminent.

Given this, buyers will be compelled to resume the bullish correction soon, and the next target may be the $400.00 upper resistance level on the higher time frame.

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

On the medium-term chart, the $COIN price is showing a downward movement. This is clear as price continues to make lower highs and lower lows below the supply level.
The previous action by short traders at $245.51 in the last session also contributed to its bearishness at its recent low.

The price of NASDAQ:COIN drops further to a $239.15 mark below the moving averages as the 4-hourly session opens today due to low bullish momentum.

Meanwhile, traders who buy the shares during a bearish market will also make gains in the future.

Thus, if the bulls are able to gain control from sell traders, the stock price may reverse from the mentioned support level and reach the $388.27 prior high mark, signaling a substantial upward trend

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

Hence, the emergence of buyers in the oversold region is crucial, driving the share price to an upper resistance level of $400.00 in the medium-term time frame.

Trade your favorite stocks using a premium broker. Open an account here