COIN (NASDAQ:COIN) Price Could Turn Positive Soon

$COIN (NASDAQ: COIN) Forecast: December 24

The market price of Coinbase Global (NASDAQ: COIN) could turn positive. The share may experience a possible reversal at the $238.80 support level to journey upside. A positive breakout confirmation, which closes above the $392.16 resistance level, would indicate that the market is feeling more optimistic. By doing this, buyers will have a stronger foundation to increase the recovery. As a result, a post-retest rally may push prices higher and reach the upper resistance trend level of $415.00, suggesting an optimistic future for the asset.

Key Levels:
Resistance Levels: $390.00, $391.00, $392.00
Support Levels:  $232.00, $231.00, $230.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ:COIN market is on the verge of an upside reversal and has a bearish posture in the long-term perspective.
The price is below the moving average line, indicating a downward trend and the high impact of sellers in the market.

The sustained pressure from the sell traders at the $247.90 low level in the previous action has added to its bearishness. Hence, the share market is oversold and is on the verge of an upside reversal.

The $COIN price dropped even further today, reaching a low of $238.80 below the supply level due to sellers’ action. Meanwhile, buyers could use this opportunity to purchase the stock at a discount and make a bigger profit later.

However, if a renewed surge in buyers’ interest occurs, the stock price may undergo an upside reversal at the mentioned support to retest the prior high of $391.16, providing stock buyers with great recovery potential.

Additionally, the NASDAQ stock price may experience a pullback as the market has fallen to the oversold region of the daily stochastic, implying that selling pressure will subside and may compel buyers to resume sooner.

Given this, the bullish corrective pattern may surge to the $415.00 high mark in the coming days from its long-term perspective.

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

According to the chart below, the $COIN market portrays a bearish market trend in its medium-term outlook.
The price, facing resistance below the moving averages, indicates the bulls are gradually returning to stage a play.

The bears’ pressure on the share to $242.81 in the past few hours, has contributed to the price drop below the supply levels in its recent correction.

However, the bulls override this at the time of writing and initiate a corrective move to the $243.09 resistance level, below the EMA-50 as the 4-hourly chart opens today.

Therefore, if the bulls can put more effort into their activities, the $388.27 resistance level might be retested, establishing a potential uptrend.

Furthermore, the NASDAQ stock price might continue in the same bullish trend as the market is pointing up on the daily stochastic.

So, the price could be ready for a bullish pattern continuation. In this case, a significant level above the $405.88 supply trend line might be the target soon in its higher time frame.

Trade your favorite stocks using a premium broker. Open an account here