Compound (COMPUSD) Expands Upward As Market Seeks to Sell Off
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COMPUSD Analysis – Expands Upward As Market Seeks to Sell Off
Compound (COMPUSD) expands upward as bears seek to sell off. The price seems to be making a necessary retracement on the daily chart. While the rally looks like a nice opportunity for the bulls, the market’s order flow remains bearish, and COMPUSD might crash anytime soon.
COMPUSD Significant Zones
Demand Zones: $40.50, $26.20
Supply Zones: $174.90, $93.40
The last impulse leg seems to have completed its course at the $26.20 price level, owing to the current correction ongoing in the market. The major diagonal resistance that has been repelling the upward price flow for months has been successfully broken. The broken diagonal resistance could be a result of the bears’ exit from the markets, as many of them took profits to re-enter at the premium.
The horizontal resistance at the $93.40 price level also seems to be holding prices back from breaking through; it will take colossal buying pressure to successfully get it broken. The current market’s trading range is bounded at the high and the low by the $174.90 resistance and the $26.20 support, respectively. The high created at the $174.90 price level is the long-term high, which should remain unbroken as long as the bearish move still holds. According to the MACD indicator, the price is heading upward in favor of the bulls; however, this might change as soon as the premium is reached.
Market Expectation
The liquidity void created on the four-hour chart as the price expanded upward needs to be filled. To fill the liquidity void, COMPUSD is expected to invalidate the previous low at the $46.20 price level before rallying into the premium range.
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