Compound (COMPUSD) Continues Uptrend Following Brief Retracement Period
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COMPUSD Analysis – Market Resumes Its Uptrend As Retracement Ends Within A Short
COMPUSD resumes its uptrend as the retracement ends briefly. Following the formation of a hammer candlestick below the previous low of $65.00, the market resumed its uptrend. The uptrend has been the overall market direction since the end of the second quarter. Despite the selling pressure at the $86.00 resistance, the MA Cross still suggests the continuation of the uptrend.
COMPUSD Significant Zones
Demand Zones: $35.60, $26.60
Supply Zones: $86.00, $100.00
During a rally in January 2023, a liquidity void formed as the market converged into the premium zone. Following the failure of the continuation of the rally, COMPUSD declined massively to fill the liquidity void in March 2023. Throughout the second quarter of the year, the price continued to decline. COMPUSD was crashing alongside a falling trendline. The falling trendline resisted the continuation of each major retracement of price throughout the second quarter of the year.
The $36.50 support was initially repulsive towards price despite the presence of the bulls in the market. However, following several bounces off the trendline, the $36.50 support failed to repel the price again. From the discount zone below the $26.20 price level, COMPUSD swerved upward to break the trendline. The breakout further instigated more buy orders as the COMPUSD buyers became optimistic. The bullish trend continued into the $86.00 supply zone. According to the Stochastic Oscillator, the downward retracement ended as the price left the oversold region.
Market Expectation
Owing to the overwhelming selling pressure at the $86.00 supply zone, COMPUSD crashed into the discount zone. The market is currently heading upward on the four-hour chart. It is probable that the price will continue to rise, as indicated by the buy signal from the MA Cross.
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