Compound (COMPUSD) Is Gathering Strength Following Selling Retraction
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COMPUSD Analysis – Compound Price Remains Stale as It Accumulates Below the $41.130 Key Zone
Compound (COMPUSD) is gathering strength following a sell-off retraction as the price accumulates below $41.130, a significant level. The cryptocurrency market has remained uncharged with momentum as the price remains at a stale point. The recent candlestick formation shows that price has settled enough not to push further in either direction. The first week of November shows sellers breaking away from the $41.130 significant level. The sellers, however, then made a responsive reaction down to the $34.200 key level
COMPUSD Key Zones
Resistance Zones: $101.750, $66.840
Support Zones: $32.400, $41.130
The COMPUSD price is recalled to be rebounding within its range before sell-side traders break out. The moving average of days 9 and 26 has been hovering above the candlestick, acting as resistance for the crypto market. However, at this stage, the sellers are still less reactive to price movement as we hope for the price to dissipate down to the 34.200 pivot level. The price remains indecisive as both buyers and sellers are a bit quiet at the moment.
In the coming weeks, the price is expected to continue its selling trend following this stale motion that is currently ongoing. As sellers keep gathering strength, the bearish set is gradually growing to push prices lower. The MACD (moving average convergence and divergence) indicator shows price and sales activity still declining. The momentum indicator is already reacting to the bearish setup as we anticipate room for a further spike.
Market Expectations
The sellers are already posing a threat, as the accumulation phase is bound to be over quickly. Traders seem more inclined to watch for a bearish price setup in the coming days. Selling pressure will therefore be felt on the 4-hour chart.
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