Compound (COMPUSD) Heads Into Premium As Price Retraces Upward
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COMPUSD Analysis: The Market Enters Premium Territory as Prices Retrace Upward
As the price retraces upward, the COMPUSD enters the premium territory. The overall trend of the market is bearish. With prices descending algorithmically, the bulls have been having a hard time getting an opportunity to go long in the waves. However, there are still some upward corrections as the price seeks liquidity within each range.
COMPUSD Significant Zones
Demand Zones: $32.40, $26.20
Supply Zones: $65.80, $43.40
COMPUSD has been descending the crest since October 2022, along with the major trendline. The major trendline emerged just after the reaction toward the bearish order block. This bearish order block surfaced after the complete delivery of prices to the downside in August 2022. Earlier, after the formation of the bearish order block, the price bounced off the previous support at the $43.40 price level and retraced upward to form a failure swing. However, this previous support was broken due to the displacement across the level due to the selling pressure created by the bears.
Below the supply zone at the $65.80 price level, COMPUSD made a deep dive into the oversold region, as indicated by the Relative Strength Index (RSI). The liquidity void created by the dive was filled as prices expanded upward throughout July and into August 2022. Since September 26, 2022, following the reaction at the bearish order block and the rebuff at the $65.80 supply zone, the market has been declining downward with increased momentum. However, the price consolidated below the $43.40 resistance for about one month before resuming the downtrend.
Market Expectation
On the four-hour chart, COMPUSD is currently appreciating as the market continues to form higher highs and higher lows. The price is expected to keep expanding upward until the $34.60 price level is broken and the liquidity void in the premium is filled.
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