COIN (NASDAQ:COIN) Price May Experience an Upside Reversal

$COIN (NASDAQ: COIN) Forecast: February 12

The Coinbase Global (NASDAQ: COIN) market may experience an upside reversal, break off the support line, and break up the resistance level at $349.75 as the selling pressure is about to subside. Due to this, if the bulls could push harder and exchange hands with the sell traders at the current support value of $274.60 daily candle, a sharp breakout, and closure by the bulls above the mentioned resistance value will invalidate any bearish thesis. Thus, the stock price might hit the high of $370.00 upper level and beyond, offering strong resistance to the share price.

Key Levels:
Resistance Levels: $304.00, $305.00, $306.00
Support Levels: $165.00, $164.00, $163.00

COIN Long-term Trend: Bullish (Daily Chart)

The $COIN market price may experience an upside reversal after a slight dip in its higher time frame. However, the stock price bar is above the supply levels, indicating a bullish trend.
The sustained bullish pressure at a $282.57 high level in the last session has made the share price remain above the supply trend levels at its recent high.

The drop in the price of NASDAQ: COIN to the $274.60 low value above the EMA-50 as the daily chart commenced today has no serious effect on the market as the share price remains in an uptrend. However, this allows for a more optimistic effect on the market value.

Further, investors may seize the opportunity now and buy the share at a lower price, and look for more gains ahead.

Therefore, maintaining above supply levels suggests a high likelihood of a bullish correction. If the bulls step in a breakup above the $349.75 previous resistance point would nullify the selling pressure and strengthen the bullish move.

In addition, the NASDAQ stock price might likely rebound at the current support level as the market indicates an uptrend on the daily stochastic, compelling buy traders to resume an upside move soon to reach a $370.00 supply level in the days ahead in its long-term forecast.

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

The NASDAQ: COIN market has a bearish posture and may experience an upside reversal as the bear pressure is ending soon in the medium-term outlook. The share price is below the resistance levels, suggesting a bearish trend.
The sustained bearish pressure in the last session has made the stock price remain below the supply trend levels in its recent low.

Today, buyers await a bullish opportunity and the $COIN price may experience an upside reversal as the short traders drop the stock price to a $278.74 support level below the EMA-50 as the 4-hourly chart opens.

Hence, the bullish momentum might be triggered and the share price may experience an upside reversal at the $278.74 support to break up the $349.75 previous high value if the bulls increase their buying momentum and all support levels hold.

Next, more upsides are likely as the NASDAQ stock market now approaches the oversold region, suggesting a potential reversal is imminent. In light of this, the bulls may drive the share price towards the $370.00 upper resistance level in the days ahead in its medium-term outlook.

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