Compound (COMPUSD) Consolidation Persists as Sellers Purge Price Lower
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COMPUSD Analysis – Consolidation Persists as Sellers Purge Prices Back to the $43.150 Key Zone
Compound (COMPUSD) consolidation persists as sellers purge price lower back to the $43.150 key zone. The market supply has persisted in consolidation for a long time, and traders have been looking forward to a change in the market structure. The price activities in this phase have been taking a turn as both prospects failed to break beyond the $64.500 and $43.150 key zone. Nevertheless, the sellers are strongly outweighing the buyers in the crypto space despite being in a range market. As prices continue to reverse, consolidation is more likely to continue as the stochastic is already signaling buy strength.
COMPUSD Key Levels
Resistance Levels: $117.170, $64.500
Support Levels: $43.150, $28.400
The sellers broke the crypto space as the price descended by overcoming several key levels on its way from the $117.170 key zone. The bearish phase made its deployment down to the $28.400 key zone with the Chaikin Money Flow strongly inserted into the bearish moment. Later, the buyers decided to pull through by making a move higher from the $28.400 support zone. However, following a bearish strength display to a $64.500 significant level, the cryptocurrency market has been consolidating.
The sellers are currently apprehending a price moment back to the $43.150 consolidation level. The Parabolic SAR ( Stop & Reversal) indicator shows trending dots above the price candlesticks. The buyers are lurking around in the market to change the price focus. The Stochastic Oscillator shows sellers’ exhibition in the oversold area as the price continues to range on the daily timeframe.
Market Expectations
The sellers are deploying price moments lower on the 4hr chart. However, the technical outlook points out that the compound price is still bound to continue ranging at the moment as buyers are already lurking around the corner to change price action. As sellers drop close to the $43.150 key zone, we anticipate buyers to set up for consolidation back to the $64.500 significant level.
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