Compound (COMPUSD) Bulls Drift Despite Low Impulse
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Market Analysis: COMPUSD Buyers Lack Solid Momentum
Compound bulls drift despite low impulses. The bulls seem to be navigating a tranquil river with a lack of vigorous momentum. Despite buyers making a comeback, the COMPUSD market is ensnared in a subdued drive. This is, however, drawing minimal attention to the compound price throughout the month.
Compound (COMPUSD) Key Zones
Resistance Zones: $80.120, $58.970
Support Zones: $46.950, $34.900
Last week, a skirmish unfolded around the $58.970 significant level. This appears to be a pivotal zone where buyers struggled but fell short of ascending higher. The ensuing defeat led to a retreat to the $46.950 significant zone, hinting at the resilience of COMP sellers. This struggle has persisted, compressing the market dynamics for weeks and extending into the span of a month.
A peak in market liquidity occurred back in August, which marked a significant period in Compound’s recent history. It was at this point that the bears seized control. The failure of buyers to breach the $90.000 significant level initiated a sharp decline, with the sell extension reaching close to the $34.900 significant level. Since then, the crypto price has displayed reserved strength, with both buyers and sellers awaiting a decisive push.
As the new week unfolds, Compound’s price aims to maintain buying dominance. Nevertheless, the market grapples with a scarcity of liquidity. The Stochastic Momentum Index steadily moves in the direction of buyers, indicating that they intend to make a comeback. The Bollinger Bands, experiencing months of market compaction, echo a subdued atmosphere in the compound market.
Market Expectation
The key lies in the hands of market investors; should they make substantial moves, we may witness the resurgence of price liquidity. In the meantime, the buyers are prepared for another attempt to reclaim the $58.970 significant level. Traders should give in yet because there is still hope to inject vitality back into the compound market.
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