Compound (COMPUSD) Appears to Reach for a Major Zone After Rejection
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Compound Market Analysis – Price Appears to Reach for a Major Zone at $94.0 After Rejection
Compound appears to reach for a significant zone after rejection at $94.0. The market dived freely till the demand zone at $174.0 was reached. The reaction upon striking the level was substantial. The bulls stepped in to reach for higher levels. The buying pressure caused the market to strike $246.0 in December last year. A sharp wick formed above the candle that initially reached $246. The price fell midway between the support zone at $174.0 and $246.0.
Major Zones on Compound
Zones of resistance: $246.0, $152.0
Zones of Support: $174.0, $94.0
Compound was seen to reach for the major zone after rejection. Like the first time, the price was knocked off the resistance zone again on the 5th of January. The Moving Averages (periods nine and twenty-one) crossed to signify that the market was still bearish. The cross confirmed the directional bias alongside the reversal pattern. The head and shoulders formed allowed the market to sink further. There was a breakout of the $174.0 demand zone.
The bears flooded the market after the tiny bullish candle was formed on the 16th of January. The bullish candle triggered the impulsive move afterwards. The market dipped for six straight days. The market retraced after that to allow more sellers into the market. There was a continuation of the overall bearish trend at $152.0. Compound appears to be aiming for the major zone at $94.0.There was a clear knockback as the demand zone was reached.
Compound Market Expectation
The bears are still very willing to reach for the major zone at $94.0 after rejection on the 24th of February. Multiple lower highs have been formed, showing the market’s bearishness. The Moving Averages are still showing dominance over the candles. Compound appears to reach for $94.0.
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