Compound (COMPUSD) Price Continues in Range Trading Mode
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COMPUSD Analysis- Price Flow Is Still Directed in a Ranging Market
COMPUSD price continues in range trading mode despite the influence in the market. The crypto market order flow has been tagged as coordinated in the ranging market lately. This could have been the result of no active involvement of market markers ready to push further beyond the ranging key levels. The price activity been dominantly at the key levels of $65.040 and $43.590 for a long duration. Nevertheless, traders are still checking all corners to give more meaning to the crypto market by causing a breakout in either direction.
COMPUSD Key Zone
Resistance Levels: $125.560, $65.040
Support Levels: $43.590, $25.960
The sell traders lashed out with price trades at their first engagement in the market, which led to a sharp decline in the second quarter of this month. Bearish dominance was seen in the $125.560 to $25.560 key zone. At this stage, the sellers held prices in captivity, denying buyers’ chances of exchanging orders. As time went on, the buyers began to stimulate a price tendency in the market.
The token price began to accumulate after buying stopover from the $25.960 key zone.
The buyers had a short-term flow of price rallying up to the $65.040 key zone. With their approach in this key zone, they failed to push further in the market. The sellers are currently disengaging from the market because the compound token is still ranging. The parabolic SAR (stop and reversal) shows trading activity lower in the market on the daily time frame
Market Expectation
The buyers are active participants on a short-term basis despite selling engagement downward in the market. The price is watched to see if it swings lower as consolidation continues to take place. The Stochastic Oscillator is however hanging in the overbought section to point our attention to a decline in price on the 4hr chart.
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