Compound (COMPUSD) Prepares for an Upward Expansion From a Consolidation
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COMPUSD Analysis – Market Prepares for an Upward Expansion From a Consolidation
COMPUSD prepares for an upward expansion from a consolidation. Since late May this year, the market has been in a downtrend with respect to the major trendline. As this consolidation phase comes to an end, the Moving Average Convergence Divergence (MACD) indicates that the bulls are gaining an upper hand in the market.
COMPUSD Significant Zones
Demand Zones: 32.40, 26.20
Supply Zones: 43.40, 54.50
The histogram of the MACD shows that the market is heading upward. In the same vein, the Moving Average (MA) indicator seems to be preparing to flip bullish as the consolidation comes to an end. However, according to the major trendline, the market is still overall bearish, especially since the trendline has not yet been broken. On May 10, 2022, a bearish order block was created. The reaction of prices toward this order block led to the emergence of the major trendline. This major trendline is currently acting as a diagonal resistance in the market.
COMPUSD has been deeply discounted at the 26.20 demand zone. As the price recovered from the immersion in the discount at the 26.20 demand zone, the bulls were able to make a lot of profits from the expansion of prices. COMPUSD has been rallying in favor of the bulls for more than eight weeks. On August 14, 2022, the price was delivered to the downside, thereby resulting in the creation of a bearish order block. This bearish order block was used to drive the market down on September 27, 2022.
Market Expectation
Once the consolidation phase ends, COMPUSD might start rallying in fractals on the four-hour chart. This rally is expected to continue until the daily bearish order block is reached.
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