Compound (COMPUSD) Slips Back Into the Major Demand Zone
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COMPUSD Analysis: Price Slips Back to the Major Demand Zone
COMPUSD slips back into the major demand zone at $32.40. The market made attempts to rise beyond the $70.50 supply level but failed multiple times. The market has retraced back to the demand level where it took off for a reaccumulation.
COMPUSD Significant Zones
Demand Zone: $52.40, $64.50, $70.50
Supply Zones: 32.40, 26.00, 24.00
The market took off from the demand level of $26.00 in June. Before the surge in price at the support level, the Stochastic indicator already revealed the market had long been oversold. This caused the price to suddenly pump from the support level with six consecutive days of unrivaled ascent. The Moving Averages cross-confirmed that the market had switched to bullish. Period 9’s faster-moving average moved above period 21’s slower-moving averages. The market ascended upon a bullish trend line until the supply level at $70.50 was hit.
The market also crashed with six consecutive daily candles that dived below the ascending trend line to invalidate it. The Moving Averages also crossed to show the weakness of the bulls. Once again, buyers attempted to reach for higher prices. The market ascended for a short period, but the exhaustion of the buyers was prominent. The market dived steadily after the Stochastic signal indicated the market was overbought. The Moving Averages cross also confirmed the down move. The market price has declined to a bullish order block deposited on the demand level at $26.00, where the market took off.
Market Expectation
The bulls are expected to re-accumulate at the demand level with the aid of the bullish order block and soar. The Stochastic indicator is oversold. A shift in market structure is expected in the lower time frame to confirm a reversal and for the price to soar back to the previous resistance level at $52.40.
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