Coinbase Global Inc. ($COIN) stock is at a critical juncture, testing the key support level of $310. In the recent trading sessions $COIN has experienced a sharp correction from its recent high of over $425, with bearish momentum increasing
This price movement of COIN, has grabbed the interest of investors and traders. After an impressive bull rally that saw the stock move upwards to more than $425 over the past few months, the asset has gained significant maturity.
Moreover, with the rising bearish momentum for the stock at the major levels, the next few days may prove to be critical as the Coinbase stock is on a major junction.
Crypto Analyst Flags Crucial Watch Points
Ali Martinez, a well-known crypto analyst with a substantial following on social media has raised concerns about a potential fall of the COIN stock. At the time of writing, the stock was exchanging hands at approximately $314 with a slight correction.
The analyst suggests that the stock price may experience a significant correction to as low as $270 if it fails to regain the $340 mark within a short period of time. This raises concern about the price prospects of the COIN token as it is one of the key players in the crypto community.
Will COIN Stock Record A Strong Rebound?
At the time of writing, the value of this stock was $318. Notably, over the past two trading sessions, it has been retesting its crucial support level of $310. Moreover, a constant close under this may result in it plunging toward its support of $275, which is the next major support.
On the other hand, multiple resistance trend levels are clearly visible for the COIN stock. The immediate one is at $342, followed by one at $375, which escalated selling pressure in the past. Moreover, the all-time high (ATH) of it is around $425.
The Moving Average Convergence Divergence (MACD) indicator confirms rising bearish momentum for it in the market. With a bearish crossover and increasing negative histogram, investors are advised to stay cautious in the shorter time frames.
Coinbase is in the make or break position. The reversal of this support may again ignite a bullish interest. However, with a breakdown, a sharper correction can be expected. Traders and investors are suggested to wait to get clearer and more table volume trends to be on the correct side.
Also Read: Grayscale Reshapes Leadership to Strengthen Crypto Investment Push
Disclaimer: The Crypto Times does not endorse or promote this Stock in any manner and this article was written only for educational purposes. Make sure to “DYOR” before investing into any digital asset as the market is highly volatile.
