Compound (COMPUSD) Depreciates Further as the Market Keeps Respecting the Falling Trendline
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
COMPUSD Analysis – Price Depreciates Further As The Market Keeps Respecting The Falling Trendline
COMPUSD depreciates further as the market keeps respecting the falling trendline. The value of Compound has been plummeting for over ten weeks. The falling trendline has bounced off price twice since its emergence in February 2023. The falling trendline emerged alongside the beginning of the major market trend.
COMPUSD Significant Zones
Demand Zones: $29.90, $26.60
Supply Zones: $48.70, $63.80
According to the MA Cross (Moving Average Period 18 and Moving Average Period 40), the market was bearish until 2023. On November 6 and November 7, 2022, COMPUSD crashed uncontrollably to the downside. Following the crash, a correction phase began as the value of Compound fluctuated within a small price range. The downtrend was resumed for the last time following the end of the correction phase. After the completion of the downtrend, the price flipped bullish while breaking through all resistance until the premium zone was reached.
During the succeeding uptrend, a low of $34.40 was made as an imbalance was filled. After the $48.70 resistance was broken, a distribution phase set in as the bears returned to the market. A UTAD (Upthrust After Distribution) occurred as the markdown began in February 2023. The bears are now in control of the market as the value of Compound keeps depreciating. The low created at the $34.40 price level has been invalidated as the selling pressure remains overwhelming. A short-term low has been created at $37.40, and COMPUSD might sweep the buy-side liquidity before resuming its downtrend.
Market Expectation
Both the MA Cross and the Moving Average Convergence Divergence (MACD) indicate that the price is declining on the four-hour chart. COMPUSD keeps declining algorithmically as the bulls fail to take control of the market. Until the $26.60 support is reached, the market’s structure is expected to remain bearish.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
