COIN (NASDAQ:COIN) Price Could See an Upside Momentum

$COIN (NASDAQ: COIN) Forecast: January 12

Today, the Coinbase Global (NASDAQ: COIN) market is about to see an upside momentum as it approaches the oversold region on the daily chart. The investors and analysts are keen to resume the bullish trend, given the current positive correction at $242.82 on the 4-hourly session, opposing the beginning of another bear cycle by engaging in a power battle near the crucial level. Therefore, if the bulls trade higher and exchange hands with the short traders at $237.15 low level, a positive breakout confirmation representing improved market sentiment will occur, turning the share price positive, reaching an upper resistance level of 392.16, and a higher footing to rise further.

Key Levels:
Resistance Levels: $396.00, $397.00, $398.00
Support Levels:    $292.00, $291.00, $290.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ: COIN market is poised for an upside reversal as it remains bearish and approaches the oversold region in its higher time frame. The price bars are below the crucial level, suggesting a bearish trend.
The bears’ earlier activity on the stock at the $245.93 support level has contributed to the bearishness of the share at its recent price level.

Actions from the short traders dropped the $COIN price to a low of $237.15 as the daily chart opens today, indicating the impact of sellers on the asset.

Meanwhile, the share market could see an upside momentum, and a potential upswing would be better confirmation of a bullish recovery if the buyers can exchange hands with sellers at the current low mark above the October 24 high of $354.46.

Such a breakthrough would allow stock buyers to regain control and drive the price in the direction of the overhead trend level.

Additionally, the NASDAQ stock is trading near a critical support level, which might provide the foundation for an upside reversal.

In light of this, if rebound materializes, the share price is expected to test the resistance zone and aim for the $392.16 target.

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

It can be seen that the NASDAQ:COIN market seems to have gathered some strength in the medium term.
The stock is bearish, anticipating a bullish opportunity in the near future. A negative trend is indicated by the share price being below the resistance level.

Due to pressure at the $240.26 support level during the previous session, the share price has dropped below the supply trend lines at its most recent price level.

At the time of writing, the $COIN market value rebounded to $242.82 below the EMA-50 as the 4-hourly session opens today, indicating renewed strength by the bulls.

The stock price may therefore rise beyond the prior barrier of $389.56, suggesting strong buyer conviction, if the bulls increase their purchasing momentum.

Additionally, the NASDAQ stock price may experience a bullish breakout if the bulls increase their buying effort, as signaled by the daily stochastic pointing up, indicating an uptrend and a bullish trend.

As a result, the next target could be the $392.16 high trend mark soon in the medium-term perspective.

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