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$COIN (NASDAQ:COIN) Price Could See another Increase Soon

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COIN (NASDAQ:COIN) Price Could See another Increase Soon

$COIN (NASDAQ: COIN) Forecast: January 21

The Coinbase Global (NASDAQ: COIN) market price could see another increase sooner, following the pullback from the daily bullish candle at $243.19 today. As demand for the $COIN continues to soar gradually, an aggressive push from the current price above the supply level will put the stock in a more bullish trend and may reach the upper resistance level of $405.88, resulting in a massive price pump.

Key Levels:
Resistance Levels: $392.00, $393.00, $394.00
Support Levels:    $292.00, $291.00, $290.00

COIN Long-term Trend: Bearish (Daily Chart)

As it begins its upward trend below the supply level, the NASDAQ: COIN market price is expected to rise and make a modest long-term recovery.
COIN (NASDAQ:COIN) Price Could See another Increase Soon The stock price is below the supply levels, confirming its bearishness due to the inflow from selling traders.

Its current bearish momentum has been influenced by the involvement of short-term traders, which led to a low of $237.43 in the prior action.

Meanwhile, the $COIN hopes to continue its positive trend today on the daily chart by rising to a $243.19 barrier level below the EMA-50, suggesting buyers are making a recovery attempt.

Hence, a big potential rally for stock buyers may occur if the price can hold above the $392.16 prior peak mark and reach a significant level at the upper channel.

Notably, the daily stochastic indicates an uptrend. Thus, there is a tendency for the NASDAQ stock to rise further if the support level holds.

As a result, buyers might push the share price to an upper resistance level of $405.88 in the days ahead in its higher time forecast.

While South Korea’s stablecoin legislation has encountered yet another obstacle, Coinbase (NASDAQ: COIN) is cautioning Congress not to tamper with its stablecoin revenue.

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

The NASDAQ stock price is on the verge of an upside reversal and has a bearish trend in the medium-term perspective.
COIN (NASDAQ:COIN) Price Could See another Increase Soon The price is below the supply, indicating a downward momentum and the high impact of sellers in the stock market.

The sell traders’ movement to the $242.33 support level before the end of the last session has given more strength to the share’s recent low.

Hence, the stock value is poised for a retracement as the market is already oversold.

At the time of writing, the $COIN price dropped even further today, reaching a low of $240.13 below the EMA-50, due to sellers’ actions.

In the meantime, buyers could take advantage of this opportunity to purchase the asset at a discount for future gains.

However, the share price may see an upside reversal at the mentioned support to retest the previous high of $370.26 if there is a fresh surge in buyers’ interest.

In conclusion, the NASDAQ: COIN price suggests an upside reversal as the market has fallen to the oversold region of the daily stochastic, implying that selling pressure may subside soon.

In light of this, the emergence of buyers is imminent, and the next bullish corrective pattern may extend to the $405.88 upper high mark in the upcoming days.

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