COIN (NASDAQ:COIN) Price Could See a Significant Bounce Soon

$COIN (NASDAQ: COIN) Forecast: August 11

The Coinbase Global (NASDAQ: COIN) market value could see a significant bounce soon as the selling pressure is about to subside, preparing the stock price for an uphill momentum. Therefore, if a renewed surge in buyers’ interest occurs, the stock price could turn positive from the current daily bearish candle at $301.23 to the $405.88 prior peak barrier and extend to the $415.96 upper resistance level, reflecting high demand in the share market.

Key Levels:
Resistance Levels: $398.00, $399.00, $400.00
Support Levels:    $176.00, $175.00, $174.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ: COIN market long-term forecast is pessimistic. Due to a large flood of sell traders, the price responded to the change in market structure and is currently trading below the moving averages.
The share price has remained below the supply trend levels at its recent low due to persistent bearish pressure during the previous session at the $306.98 support value.

The selling pressure will soon stop, though; therefore, the stock buyers will soon experience a reversal of fortune.

Today, the bearish action drops the NASDAQ stock price to a $301.23 mark below the EMA-50 as the daily chart commenced.

Therefore, a positive breakout above the current level is required to validate the bull run if buyers eventually overcome sellers’ trend control and recover from the $301.23 support.

Meanwhile, the $COIN price could see a significant bounce as the stock price remains upward on the daily signal, suggesting that a price reversal at the recent support is imminent.

In light of this, the new bullish correction may surge to $405.88 and extend further to the $415.96 upper resistance level, reclaiming more confirmation for bullish recovery.

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

The price of $COIN is trading in a bearish market in the medium-term perspective due to significant order flow from bears. A bearish trend is indicated by the price bars being below the EMA-50.
The stock price has just fallen below supply levels due to persistent bearish pressure at the $301.31 support level in the previous session.

Meanwhile, the NASDAQ: COIN price could see a significant bounce soon, as the bulls made a pullback to $311.23, below the supply trend lines as the 4-hourly chart opens today.

The stock price may swing to retest the $415.90 resistance level, strengthening the positive momentum, if the bulls can increase their buying motivations.

Furthermore, the NASDAQ stock’s price is in the oversold area, suggesting that selling pressure may ease and that a big rise in the share’s value is imminent.

As a result, the emergence of bulls is imminent. In this case, the share price might push higher to the $436.30 upper resistance mark and beyond in the days ahead on its medium-term time frame.

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