COIN (NASDAQ:COIN) Price Suggests a Potential Reversal

$COIN (NASDAQ: COIN) Forecast: August 9

The Coinbase Global (NASDAQ: COIN) market suggests a potential reversal as selling pressure is about to end, preparing the stock price for an uphill momentum.  With a high potential for shareholders, the share price may reverse from the $301.87 daily bearish candle and surge to reach the $389.16 peak barrier level and extend the price to a $415.96 upper resistance level if the bulls increase buying momentum on the share market.

Key Levels:
Resistance Levels: $374.00, $375.00, $376.00
Support Levels: $147.00, $146.00, $145.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ: COIN market value suggests a potential reversal as the price continues to form lower lows and lower highs on its long-term chart.
Meanwhile, the stock market may grow as it is about to complete the downward movement and is on the verge of a bullish correction phase.

Furthermore, the share price is below the EMA-50, suggesting a bearish trend. The sustained bearish pressure at a $306.98 support in the last session has enabled the stock price to remain below the supply trend levels in its recent low.

The short traders’ activities caused the price of $COIN to plummet even today, hitting a low of $301.87 below the supply levels. Buyers could use this opportunity to acquire the share at a discount in the interim for future gains.

The stock price, however, might experience an upward reversal at the $301.87 low level to retest the previous high of the $389.16 level if there is a fresh spike in buyer demand, offering coin buyers excellent recovery potential.

As a result of the market dropping below the daily stochastics’ oversold area, the NASDAQ stock price is poised for an upward reversal, suggesting that buyers will be compelled to resume sooner as the selling pressure lessens.

Therefore, from a long-term perspective, the next bullish corrective pattern can reach the high of $415.96 sooner.

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

The $COIN market is currently displaying a downward trend on the medium-term chart and is yet close to making a turnaround to the upside. This is evident by the price’s continued decreasing highs and lows.
The sustained bearish pressure in the past few hours has dropped the share price below the supply trend levels in its recent low.

Due to weak positive momentum, the market price of NASDAQ: COIN continues to decline as 1-hourly session begins today, falling to a low of $301.31 below the moving averages.

The NASDAQ stock price may thus reverse from the $301.31 support level and hit the $436.30 high mark, signifying a substantial upward trend, if the bulls can wrestle trend control from the sell traders.

Furthermore, the NASDAQ stock price has fallen below the 20% zone of the daily stochastic, suggesting that an upside reversal is imminent. Buyers will soon start to appear in the oversold area.

According to its medium-term estimate, the share price may thus reverse and pump or spike higher in the coming days to achieve the upper resistance level of $415.96, reflecting growing investors’ interest and momentum.

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