COIN (NASDAQ:COIN) Price Awaits a Bullish Correction

$COIN (NASDAQ: COIN) Forecast: December 15

The Coinbase Global (NASDAQ: COIN) market awaits a bullish correction as it is about completing the downward voyage. The share price is approaching the crucial support at $263.16 on the daily chart, expecting to take a u-turn from the mentioned low level soon. The price of the stock may therefore reverse to the bullish pattern if the bulls increase the buying momentum, and its upside movements may reach an upper resistance level of $405.88, suggesting a strong potential for share holders.

Key Levels:
Resistance Levels: $398.00, $399.00, $400.00
Support Levels:    $236.00, $235.00, $234.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ: COIN market has a bearish long-term outlook and is about to experience an upside reversal. The price is below the EMA, suggesting a downward momentum.
Before the last session ended, the sell traders moved down to the $265.01 support level. This strengthened sellers’ ability to maintain the trend at its most recent low.

Due to the actions of sell traders, the $COIN price fell today, hitting a low of $263.16 below the supply levels. Meanwhile, buyers could take advantage of this opportunity to purchase the asset at a discount for larger gains.

However, the stock price may see an upside reversal at the mentioned support to retest the previous high of $405.88 if there is a fresh increase in buyer demand, providing buyers with excellent recovery potential.

In conclusion, the NASDAQ stock market may reverse to the upside sooner as it approaches the oversold region of the daily indicator, suggesting that the pressure to sell is subsiding shortly, which will force buyers to emerge sooner.

Given this, in the long run, the next bullish corrective pattern may reach the $415.98 upper resistance level, indicating renewed interest among buyers.

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

On the medium-term chart, $COIN price is experiencing a downward trend, but an upside reversal is still imminent.
This is evident by the price’s ongoing decline in highs and lows, suggesting a bearish trend.

The bears’ earlier activity on the share to the $272.00 supply level has enabled the price to continue its downward move to its recent low.

Due to weak bullish momentum, the market price of NASDAQ:COIN further declines to a $266.70 low below the moving averages shortly after the 4-hourly session begins today.

However, traders who purchase the asset during a down market will also profit later on.

Thus, if the bulls shift their buying motives and accelerate it, the stock price may exhibit a bullish breakout, reaching a previous high of $388.27 before a range collapse.

Additionally, the price of NASDAQ stock is closer to the oversold region of the daily stochastic, indicating an upside reversal is imminent. Hence, the selling pressure is running to an end soon.

In light of this, the emergence of buyers may reverse and surge the share price to hit the $405.88 upper resistance level in the days ahead in its medium-term forecast.

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