Shares of Coinbase Global, Inc. (NASDAQ:COIN) are moving higher Friday. They recently reversed after reaching a support level.

As you can see on the chart, the $145 level has been important for Coinbase. This is why we have made it our Stock of the Day.

Back in August 2024, Coinbase was in a downtrend. There were more shares to be sold than there were to be bought. Sellers had no choice but to undercut each other's prices if they wanted to have their trades executed.

This price action resulted in a downtrend.

When the shares reached $145, the tide turned. Buyers flooded the market. Investors and traders who wanted to sell shares could do so without pushing the price any lower.

Right after this support was found, Coinbase rallied. When this happened, many of the people who sold their shares at support decided that doing so was a mistake.

A number of them also decided that if and when they could eventually do so, they would buy their shares back at the same price they sold them for. As a result, when the stock fell back to this level in April 2025, they placed buy orders, and these orders created support.

Then the same dynamics took place. Some of the people who sold at the support were upset when the price rallied. They decided to buy their shares back for around $145 if they could.

So, when Coinbase fell back to this level, they placed buy orders. And once again, it caused support to form.

Now the stock could be in a new uptrend.

Stocks can rally off support when some of the buyers who created it begin to outbid each other. They know that if they are willing to pay a higher price than anyone else, the sellers will come to them.

This can cause a snowball effect if other buyers do the same. The uptrend in Coinbase could continue.

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