Compound (COMPUSD) Continues Bullish Trend, Exiting Discount Zone
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COMPUSD Analysis – Market Resumes Its Bullish Trend As Price Leaves The Discount Zone
COMPUSD resumes its bullish trend as the price leaves the discount zone. The market turned bullish in June 2023 after a Change of Character (CHoCH) to the upside. At $86.00, a correction to the downside occurred. The market’s trading range is between the $23.20 swing low and the $86.00 swing high.
COMPUSD Significant Zones
Demand Zones: $35.40, $23.20
Supply Zones: $56.70, $79.60
At $63.80, a swing high formed as COMPUSD crashed massively into the discount zone. The first major retracement from the $63.80 swing high happened at $35.40 support. The decline resumed as the bears dragged the price further into the discount zone. The breakout of the $35.40 support to the downside led to a massive decline as the bulls panicked out of the market. However, the bearish momentum waned as the price hit the $23.20 support.
A sudden shift in the market caused prices to rise in the discount zone, resulting in a temporary uptrend. The trend continued to climb, breaking previous highs until reaching the premium zone. However, after hitting $63.80, there was a significant drop in prices for a week. Eventually, the uptrend resumed and broke through the $79.60 resistance, reaching a new high of $86.00. Following this peak, COMPUSD experienced a considerable downturn, correcting itself and finding support at the $35.40 level.
Market Expectation
A major diagonal resistance has been invalidated on the four-hour chart. As of now, the order flow for COMPUSD is bullish. The market’s uptrend is expected to continue for a very long time, especially after a return to the discount zone.
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