$COIN (NASDAQ: COIN) Forecast: January 5
The Coinbase Global (NASDAQ: COIN) is facing a new correction to resume its upward rally. The stock price may increase further to break through the $392.16 supply level, provided buyers intensify their buying pressure and don’t give up. A bullish reversal would often follow testing the support level; however, if the share price could hold above the pattern supply trend line, it may trigger a move up to the overhead resistance mark at the $405.88 level, indicating an increase in investor interest.
Key Levels:
Resistance Levels: $387.00, $388.00, $389.00
Support Levels: $225.00, $224.00, $223.00
COIN Long-term Trend: Bearish (Daily Chart)
$COIN rebounded after its massive drop. The stock market is pushing back the selling pressure as a new correction begins at the support level.
The previous action of the bears at a $225.47 low value has added to its bearishness in its recent price level.
However, the bulls are ready to swing the price to a higher level as a new correction has taken place below the trend levels.
The current price of NASDAQ:COIN at the $238.49 high level, below the EMA-50 as the daily session opens today, indicates investors’ high optimism on the asset, and this may break the crucial resistance level.
Thus, if the stock price can sustain above the $392.16 high level, the potential rally could surge to hit a significant level at the upper channel, suggesting a high potential rally for stock buyers.
The daily stochastic also shows an upward trend. Therefore, if the current support level holds, there is a tendency for the price of NASDAQ stock to increase.
As a result, buyers may push the stock price to the upper resistance level of $405.88 in the next days.
COIN Medium-term Trend: Bearish (4H Chart)
The $COIN buyers are making recovery attempts to bounce off the support and gain more strength in the medium term. The stock price is below the resistance level, indicating a bearish trend.
The NASDAQ: COIN market price at the $238.28 supply mark, close to the EMA-50 shortly after the 4-hourly chart opens today, is a pullback by the bulls, suggesting investors’ interest and confidence in the share.
Therefore, if buying pressure increases, the stock price may surge to retest the previous high of $388.27, gaining a stronger foundation for further growth.
Additionally, if shareholders can exert more buying pressure, the stock price could rise to the prior resistance and extend its leg to reach the $405.88 upper resistance level, fueling investors’ optimism in the asset in its medium-term time frame.
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