COIN (NASDAQ:COIN) Price Could See an Uptrend Soon

$COIN (NASDAQ: COIN) Forecast: February 17

The Coinbase Global (NASDAQ: COIN) market could see an uptrend as the selling pressure is about to subside. The stock price might soon resume its upward trend with a potential reversal at the $2.74.00 current support level. A bullish breakout confirmation that closes above the $349.75 prior high mark would indicate that the market is feeling more optimistic. By doing this, stock buyers will have a stronger foundation to extend this recovery. As a result, a post-retest rally can raise share prices and bring them to the $370.00 upper resistance trend level, signaling strong market optimism and potential for significant gains.

Key Levels:
Resistance Levels: $304.00, $305.00, $306.00
Support Levels: $178.00, $177.00, $176.00

COIN Long-term Trend: Bearish (Daily Chart)

The $COIN market could see an uptrend as the selling pressure is about to end in the long term perspective. The share is on the verge of reversal to resume its uptrend soon. The stock price is below the EMA line, indicating a downward momentum and the high impact of sellers in the market.
Sustained pressure from the short traders to a $277.55 low mark in the past few days has led the share price to remain below the supply levels in its recent low.

The NASDAQ stock price plummeted beneath the support level at $274.00 as the daily chart resumes today, suggesting the high impact of short traders on the stock market.

However, if the bulls can put extra effort into the price action the $COIN price could turn positive and break above the $349.75 supply mark, as a result, further selling pressure will be put into hibernation.

In continuation, the market price of NASDAQ: COIN is approaching the oversold region of the stochastic, implying that the selling pressure is about to end. As a result, the expected upside in the share price could be high at $370.00 in the coming days in its long-term outlook.

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

The NASDAQ: COIN market has a bearish posture and could see an uptrend soon as the bear pressure is about to subside in the medium-term outlook. The share price is below the resistance levels, suggesting a bearish trend.
The sustained bearish pressure at the $278.25 low value in the last session has dropped the stock price below the supply trend levels in its recent low.

The $COIN price dropped even further today, reaching a low of $274.00 below the supply levels due to sellers’ actions.

Meanwhile, buyers could purchase the stock at a discount to make a bigger profit later.

However, if a renewed surge in buyers’ interest occurs, the share price may undergo an upside reversal at the $274.00 low level to retest the prior high of $349.75 level, providing stock buyers with great recovery potential,

In conclusion, the NASDAQ stock price could see an uptrend soon as the market approaches or near the oversold region of the daily stochastic; implying that the selling pressure is about subsiding and will compel buyers to resume sooner.

As a result, the next bullish corrective pattern may extend to the $370.00 high mark in the coming days in its medium-term perspective.

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