COMPOUND (COMPUSD) Traders Keep the Price in Consolidation
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COMPUSD Analysis: Traders Remain in the Consolidation Phase
COMPUSD traders keep the price in consolidation. The crypto price tendency has failed to ignite itself in both buy and sell directions for the past few weeks. We only see a price sighting during the accumulation phase. The right to cause price moments to flow has been denied to both buy and sell merchants. However, we hope that this consolidation phase will eventually fade out. This is because prices will flow out after a series of accumulations, as we have seen recently. Therefore, traders should also be on the edge of price distribution occurring at any time soon.
COMPUSD Key Zones
Resistance Zones: 125.500, 65.040
Support Zones: $43.600, $25.940
The buyers are the ones currently seen causing a rise in consolidation on the crypto side of the COMPUSD. However, since there is no strong sense of trend continuation, the buy traders may eventually fail to rise above the $65.040 key zone. Following a major selling trend downward in recent times, the COMPUSD sellers made a decline to the $25.940 key zone. With this drop in play, buyers began to actively participate in price control as prices rose above the $43.600 key zone. The buying-active side declines as the ADX Average Directional Index shows us a moment of decline as well.
The daily chart, therefore, shows both sell and buy traders being denied opportunities beyond the $65.040 and $43.600 key zones as the price remains in consolidation. Since the buyers are still building up, we should still look out for a breakout on the daily chart. On the daily chart, the Stochastic Oscillator has not made a clear cut in terms of price being overbought. The Moving Average Crossing indicator is still open for buyers to raise awareness.
Market Expectations
Another chapter seems to be opening for the COMPUSD price on the 4-hour chart. The buyers seem to be quite exhausted as the bearish candlestick is already opening up before the price arrives at the $65.040 key zone. The Stochastic Oscillator is already at the 100.00 level. This implies that consolidation is bound to continue as both traders remain held in range. Sellers will therefore be prompted to push the price back to the $43.600 key zone.
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