COMPOUND (COMPUSD) Traders Hope To Refill Bullish Momentum
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Crypto traders hope to regain bullish momentum above the $59.900 key zone
COMPOUND (COMPUSD) traders hope to regain bullish momentum above the $59.900 key zone. The crypto buyers have begun setting the pace above the key zone. With a few people holding back on the buying influence, we can expect a strong upward flow to the north of the COMPUSD price. On the daily chart, the buying pressure must increase significantly for bullish momentum to eventually take place. The daily chart still shows the price direction of the Chaikin Money Flow index as the price signal is above the 0.00 level. This, therefore, indicates the direction of the price index, which is already building momentum.
COMPUSD Trade Levels
Resistance Levels: $172.600, $118.500, $97.800
Support Levels: $59.900, $43.400, $28.100
The COMPUSD price moment has evolved from a selling inclination. The bulls are therefore building up momentum to fill the liquidity void created by sellers. The crypto sellers created their hurdles following the bullish termination at the 172.600 key zone. The market movers began to sell all orders as we saw a downtrend phase on the COMPUSD. As the bearish phase unfolds downward, the Moving Averages 9 and 21 continue to extend in width as bearish momentum increases on the daily chart.
Following the engagement of sell liquidity down to the $28.100 key zone, the buy traders have been up and doing their best to push price activity forward. The bullish attempt was seen from the $28.100 key to the $59.900 key zone. The bullish strength has not been able to sustain its rise above the $59.900 key zone. Rather, what we get to see is price consolidation between the key zones of $59.900 and $43.400 since July 2022. The buying is currently accumulating above the $59.900 level following the price break from it. The bulls are more likely to expand as the pricing moment unfolds.
Market Expectation
The sellers caused a significant retracement back to the $59.900 key level. Nevertheless, the buyers are already building up strength as the price trend unfolds. The RSI (Relative Strength Index) shows the signal already aiming up to the buy region as the buy-up tendency progresses. A ride up to the 97.800 key zone should be anticipated on the COMPUSD.
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