COIN (NASDAQ:COIN) Price Will Rise Soon, Breakout Imminent

$COIN (NASDAQ: COIN) Forecast: December 29

The price of Coinbase Global (NASDAQ: COIN) may rise shortly, according to the current chart; a breakout is imminent as it reaches the oversold area, indicating the end of selling pressure. If the bulls increase their buying momentum, the stock price could undergo a bullish turnaround at the current support level of $232.81. If this is achieved, the potential could turn positive and break out to touch the previous peak barrier of $392.16, expanding to an upper resistance level of $405.88, signaling the potential for significant gains as the uptrend resumes soon.

Key Levels:
Resistance Levels:  $300.00, $301.00, $302.00
Support Levels:     $236.00, $235.00, $234.00

COIN Long-term Trend: Bearish (Daily Chart)

On its long-term chart, the $COIN price is showing lower lows and lower highs due to selling pressure.
Furthermore, because of the large inflow from sell traders, the price is trading below the EMA line, indicating a bearish trend.

However, buyers are likely to see a turnaround as the market is oversold and they expect a gain in the near future.

The bears’ previous action at a $237.14 low in the last session has added to their bearishness lately.

However, the bulls might drive the share price higher as a new correction has begun below the trend levels.

At the time of writing, actions from the bears dropped the price of NASDAQ: COIN to $232.81 below the moving average as the daily session opens, indicating downward momentum and the impact of sellers on the share.

With the overall market trend still bearish, the stock price is likely to reverse and retest the high accumulation zone of $392.16 if buyers increase their interest in the asset and exchange hands for a bullish reversal at the mentioned support.

Meanwhile, the NASDAQ stock price might finish the downward correction and start reversing as the market is already oversold.

If this is achieved by long-term investors, the recovery rally may reach the $405.00 upper high value in the coming days in its higher time frame.

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

The $COIN market price aims to surpass the previous high level and could see a big bounce as it begins the new correction to the resistance levels in the medium-term perspective.
The stock price is bearish and remains in green below the moving average due to the high order flow of sell traders.

The sustained bearish pressure at $232.88 support level in the last session has contributed to the share price remaining below the supply trend levels lately.

However, the share market is regaining its strength with a new corrective move by the bulls at the support levels.

Today, the NASDA: COIN price retracement to a $238.14 supply level below the EMA-50 will surge as it increases toward the resistance level, indicating the potential for further rise.

Thus, should the bulls change their orientation and the buying pressure persists, the stock price may surge and break out of the bearish pattern to retest the $388.27 high mark, leading the price to an upper resistance level of $400.00 in the medium-term perspective.

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