COIN (NASDAQ:COIN) Price May Break up the $392.16 Supply Level

$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 price bar is in green below the moving averages, because of high order flow from sell traders.

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.
In the meantime, the bearishness in recent times has been aided by the bears’ strong order flow at the $225.47 low value in the previous trading session.

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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