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Compound (COMPUSD) Price Changes the Tide as Sellers Rush Back to Consolidate

September 17, 2022

#Compound#COMPUSD#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#Market Expectation#Price Action#Price Analysis#Technical Analysis

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COMPUSD Analysis: The Price Tendency Changes as Sellers Rush Back to Consolidate

 

COMPUSD price changes the tide as sellers rush back to consolidate. In some ways, the buy traders have backed down from achieving bullish orders. The pressure around the $60.300 key zone has remained deep enough for the bullish strength to penetrate and escape through it. The bullish stoppage will therefore be the result of an insufficient accumulation of buying strength. The daily chart now shows the sellers rushing back into the consolidation zone following the buying end at the $60.300 key level. Although the Parabolic SAR (Stop and Reversal) indicator shows buying strength despite sellers’ hijacking propensity.

The Price of the Compusd Changes the Tide as Sellers Rush Back to ConsolidateCOMPUSD Key Levels

Resistance Levels: $170.900, $118.500
Support Levels: $60.300, $28.100

 

The selling voyage seen before consolidation, which appeared to have cropped the buying stance, began to dominate right at the $170.900 key zone. The bearish market defines the crypto market’s play zone, with the buyers’ having less significance. The sellers sold all their holdings from the key zone at $170.900 down to the $28.100 key zone within the space of 3 months. The buyers, however, picked up strength after the sellers were exhausted and went lower.

After a brief period of bullish sentiment, buyers and traders were able to relax as the market climbed to the psychological level of $60.300. At this stage, both traders are still working to push the crypto stance out of the consolidation zone. The sellers are currently in control following a change in price trends. The RSI (Relative Strength Index) is closing down as selling pressure increases on the daily chart.

The Price of the Compusd Changes the Tide as Sellers Rush Back to ConsolidateMarket Expectations

The sellers are no doubt trying to continue in the consolidation phase. Since buyers were rejected at the $60.300 key zone, we should expect to see more sellers rushing back as the consolidation continues. As sellers trade down to the $28.100 key zone, traders should look for a breakout opportunity.

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Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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