COIN (NASDAQ:COIN) Price Could See another Retracement Trend Soon

$COIN (NASDAQ: COIN) Forecast: November 5

The Coinbase Global (NASDAQ: COIN) price may soon experience another retracement trend. It could be seen that buyers are waiting for a bullish opportunity as the stock market trends closer to the oversold region. The price may reverse in a bullish direction and soon be prepared for another probable upward surge. Thus, if buyers can demonstrate their strength and trade hands with sellers at the current support level of 325.88, the price may perhaps retrace to retest the previous high of $405.88 and even farther to reach a peak barrier level at the $349.75 upper resistance and set up a new all-time high, providing substantial returns to the shareholders.

Key Levels:
Resistance Levels:  $385.00, $386.00, $387.00
Support Levels:    $191.00, $190.00, $189.00

COIN Long-term Trend: Bearish (Daily Chart)

As the chart below illustrates, the long-term outlook for the $COIN market appears bleak, primarily due to the sustained influx of sell traders exerting downward pressure on prices.
The persistent pressure from bears at the $328.21 support level in the last few days has contributed to its bearishness at its recent low.

Today, the bears, however, fell below the EMA-50 at $325.88 support level as the daily chart opens, suggesting the high impact of the sell traders on the asset.

Given the current trend, buyers could purchase the stock at a lower cost and push the market higher as buyers await a bullish opportunity.

Thus, the price inclination will rise above the critical levels if the bulls raise their level of market tension.

Furthermore, as the market is currently trading within the 30% area of the daily stochastic, the selling pressure is about to subside, and the NASDAQ: COIN price may reverse and move upward.

In light of this, the buy traders will be compelled to resume an uptrend and may likely break the $405.88 previous high in its higher time frame.

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

The medium-term outlook for the $COIN market is in a bearish trend zone, as shown in the chart below.
Additionally, it predicts the next big price change. The stock price is below the resistance level, indicating a bearish trend.

Pressure at the $325.90 support level in the last session has contributed to the share price falling below the supply trend lines in its recent price level.

The NASDAQ: COIN price at the $333.98 high below the EMA-50 proved as strong resistance for the share price as the 4-hourly session resumed today.

Hence, it is highly probable that the bulls will increase further as a new bullish correction is currently in effect.

Consequently, a 4-hour candle closing and an upward breakout above the $389.56 barrier would provide buyers with a solid basis to push the price of NASDAQ stock higher, offering buyers a fantastic opportunity to enter the market.

Similarly, the daily signal is approaching the oversold region, implying that the $COIN selling pressure is not likely and the bullish correction may continue.

As a result, we can expect the upcoming bullish correction phase to reach a high of $405.88 within its medium-term time period.

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