COIN (NASDAQ:COIN) Undergoes a Bullish Reversal

$COIN (NASDAQ: COIN) Forecast: September 3

The Coinbase Global (NASDAQ: COIN) market price undergoes a bullish reversal after updating lows as usual with a positive performance, touching a daily high of $310.41 earlier today. The pullback is due to a favorable change in the state of the stock market. Any bearish thesis will therefore be refuted by a strong breakout and close above the current daily correction phase at a high value of $310.41. Consequently, there is a good chance that the share price will rise to its most recent swing high of $405.88 and be free from the bearish shackles, focusing on the final breakout to the $415.96 upper resistance level and beyond, suggesting an optimistic future for the stock.

Key Levels:
Resistance Levels: $308.00, $309.00, $310.00
Support Levels:    $149.00, $148.00, $147.00

COIN Long-term Trend: Bearish (Daily Chart)

Due to the influx of sell traders, the $COIN market is currently in a bearish zone, having started its upward trajectory with the stock price trading below supply levels, confirming its bearishness.
The share price fell below the supply trend lines in its most recent correction due to the bears’ pressure to a low of $301.50 during the last session.

However, it appears that the bulls are ready to take the lead and push the stock market higher as it begins its bullish momentum at its recent price level.

As the daily chart begins today, the bulls pulled the NASDAQ stock price to $310.41 level beneath the resistance levels after the completion of low dips at the $301.50 value. This is a result of the buy investors’ increased interest.

Thus, a potential breakthrough from the supply described above would quicken the buying momentum and drive $COIN prices higher to reach the previous high at the $405.88 level, bolstering buyers for a sustainable rally.

In addition, the daily stochastic upward speed suggests that the bullish rally may continue, and the upper resistance value at $415.96 might be reached in the coming days on the higher time frame.

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

A bearish sentiment is shown as the stock market is below moving averages in its medium-term view. Thus, the NASDAQ: COIN market is correcting as it begins its uphill trend, aiming to rally higher.
Actions of the short traders at a $303.79 value in the last few days have dropped the stock price beneath the supply trend lines in its recent correction.

Shortly after the 4-hour period begins today, the bulls’ ascent or retracement of the $COIN price to a high level of $310.39 confirms the return of long traders entering the stock market, leaning towards a positive trend.

Therefore, a bullish breakout from the current resistance could trigger the recovery pattern and drive the share price higher to the $405.88 supply value, reflecting growing confidence among investors in a correcting market.

Additionally, the continuity of the bullish run is imminent as the price projector points upwards, indicating upward momentum.

From a market view, the NASDAQ stock price could grow further, and $415.96 upper resistance point might be the target in the days ahead.

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