COIN (NASDAQ:COIN) Suggests a potential Reversal

$COIN (NASDAQ: COIN) Forecast: March 5

The Coinbase Global (NASDAQ: COIN) market suggests a potential reversal and could see another uptrend. The selling pressure may subside, and the stock price could be ready for an upbeat movement. As a result, a positive breakout confirmation reflecting the increased market sentiment will occur should the bulls go higher and exchange hands with the short traders at the $225.25 low mark and turn the share price positive to the $349.75 barrier line. Doing so will offer a higher footing for buyers to prolong this recovery, reaching the $360.00 upper resistance level and obtaining a higher footing to rise higher.

Key Levels:
Resistance Levels: $301.00, $302.00, $303.00
Support Levels: $178.00, $177.00, $176.00

COIN Long-term Trend: Bearish (Daily Chart)

NASDAQ: COIN market suggests a potential reversal as it remains bearish in its higher time frame. The share price is below the moving average due to the high order flow of the sell traders.
The sustained bullish pressure in the past few days has made the stock market remain below the supply trend levels at its recent low.

Actions from the short traders dropped the $COIN price to a low of $225.25 as the daily chart opens today. Hence, to predict a bullish rise in the market above the $349.75 supply level, buyers must put in more effort.

Additionally, the NASDAQ stock price is upward at the oversold region of the daily stochastic, suggesting a potential reversal at the $225.25 support level.

As a result, the price of NASDAQ: COIN could pump or surge upsides to hit the $360.00 upper resistance value in the coming days in its higher time frame.

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

The $COIN price suggests a potential reversal as the selling pressure is about to subside in its medium-term outlook. The share price is below the EMA-50, indicating a downward momentum and the high impact of sellers in the market.
The sustained pressure from the bears at the $207.79 support level in the last few days has contributed to its bearishness in its recent low.

The NASDAQ: COIN price after completing the bullish rally at a $216.11 high level dropped even further today, reaching a low of $225.25 below the supply level due to selling traders’ action.

Meanwhile, buyers could take advantage of this chance to purchase the stock at a discount to make a bigger profit later on.

However, if a renewed surge in buyers’ interest occurs, the share price may undergo an upside reversal at the $225.25 low level to break up the prior high of $349.75, providing stock buyers with great recovery potential.

Additionally, the NASDAQ stock price is on the verge of a potential reversal as the market remains upside on the daily stochastic, implying that the selling pressure may subside soon and will compel buyers to resume a probable surge.

As a result, the share price may turn upside to hit the $360.00 upper high mark in the days ahead in its medium-term forecast.

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