Stock Of The Day: Coinbase Illustrates Important Price Levels
Posted On October 24, 2024
The best traders know how to identify important price levels. These are called support and resistance levels. A common market dynamic is levels of support converting into resistance and levels of resistance turning into support.
As you can see on the chart, the $203 level has been both support and resistance for Coinbase Global Inc. (NASDAQ:COIN) since May. This is why our team of trading experts has made it our Stock of the Day.
If a market is going down there aren’t enough buy orders to absorb all the sell orders. As a result, sellers are forced to push the price lower to draw buyers into the market.
When a stock reaches a support level, the tide turns. There is more than enough demand to absorb all of the supply. Traders …
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