COIN (NASDAQ:COIN) Sellers May Lose Momentum

$COIN (NASDAQ: COIN) Forecast: January 17

Today, Coinbase Global (NASDAQ: COIN) sellers may lose momentum following the return of buyers into the market. The stock value may increase soon as selling pressure is already exhausted, and the price may be ready for an upward movement. If buy investors could change their orientation, prove stronger, and the price shows sustainability above the $361.41 resistance value, its upsides should extend further to reach the $392.16 upper resistance level, restoring bullish sentiment in the market.

Key Levels:
Resistance Levels: $356.00, $357.00, $358.00
Support Levels:    $231.00, $230.00, $229.00

COIN Long-term Trend: Bearish (Daily Chart)

NASDAQ: The COIN market is undergoing a price reversal action and has a bearish posture in the long term perspective.
The price is below the moving average line, indicating a downward trend and the high impact of sellers in the market.

The sustained bearish pressure at a $237.47 low value in the last session has made the stock market remain below the supply levels lately.

Hence, the share market is correcting and will resume its full bull moon soon.

The $COIN price shows a power struggle as it rebounded to a high of $242.66 below the resistance, resisting the start of another bear cycle.

Thus, if the bulls change their orientation and the buying pressure persists, the share price may surge and breakout of the bearish pattern to retest the previous peak barrier of $320.76 supply, resulting in an intraday gain for buyers.

In a like manner, the momentum indicator which is pointing up also indicates that the NASDAQ stock price may continue in that direction and a $392.16 upper high level might be the target in the days ahead in its higher time forecast.

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

The $COIN also trades in a bearish trend in the medium-term outlook, due to the high impact of short-term traders on the price flow.
The short traders’ pressure of $237.47 low value in the last session has dropped the share price beneath the supply trend lines in its recent correction.

A rise or a price retracement to a $242.66 high level shortly after the 4-hourly chat opens today confirms the return of the long traders into the stock market, leaning towards a bullish trend.

The NASDAQ stock price is edging closer to the resistance; therefore, sustainability above the $370.26 prior supply level would render any intended bearish move invalid.

Furthermore, the $COIN price has fallen below the 20% zone of the daily stochastic, suggesting that the selling pressure is unlikely. Hence, the emergence of buyers in the oversold region of the market is imminent.

In light of this, the NASDAQ stock price may surge to reach an upper resistance level of $388.27 in the days ahead in its medium-term forecast.

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Our LIGHTER-USD trading pair is in full-trading mode on Coinbase Exchange and Coinbase Advanced. Limit, market and stop orders are all now available.

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