Compound (COMPUSD) Remains Bullish As Price Moves From Discount to Premium
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COMPUSD Analysis: Market Remains Bullish As Price Moves From Discount To Premium
COMPUSD remains bullish as the price moves from discount to premium. Since the market’s return to the liquidity void created during January’s rally, its structure has been bullish. Price heads upward as it leaves the oversold region.
COMPUSD Significant Zones
Demand Zones: $35.60, $29.90
Supply Zones: $48.70, $63.80
In November 2022, the bears stormed the market and caused a breakout from the existing consolidation phase. The $48.70 resistance was broken, and the price entered an oversold state with just two bearish marubozu candlesticks. This sudden crash shows the presence of bears in the market. However, COMPUSD experienced another consolidation phase as it ranged between $36.40 and $35.60 levels. Following the consolidation phase, prices crashed further until they reached an oversold state, which led to an influx. As the price recovered from the oversold state, it made an explosive bullish move. The explosive bullish move brought about the sell-side inefficiency, which was eventually filled in March 2023.
After the price of the Compound reached $63.80, a distribution phase occurred, which gave rise to an expected markdown. The markdown that happened in March 2023 was engineered to fill the liquidity void created in January. Following the fulfillment of the range, COMPUSD has been heading upward. On March 11, 2023, the price respected a bullish order block, which propelled the price upward with unimpressive momentum. Due to the reluctance of the price to continue downward after the range fulfillment, COMPUSD is likely to keep heading upward.
Market Expectation
The market’s trading range is defined by the $41.80 and the $45.80 price levels. COMPUSD is currently bullish on the four-hour chart. A retracement into the discount zone is expected before the continuation of the bullish trend.
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