Compound (COMPUSD) Experienced a Successful Breakout Below $55.00
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Compound Analysis – Market Experiences Successful Breakout Below $55.00
COMPOUND experienced a successful breakout below $55.00 on the 10th of June. The market has traded below $75.00 since May 13th. There was a sharp rejection at $51.00. Three white soldiers led the market to the supply level at $75.00. The bulls experienced difficulty at the supply levels. The resistance zone was tested for many days. A rejection candle was formed on the 23rd of May. The bulls failed to break out of the $75.00.
COMPOUND Major Zones
Supply Zones: $75.00, $61.00
Demand Zones: $55.00, $51.00
The Moving Averages for periods nine and twenty-one signified the market’s bearishness. The daily candles closed below the Moving Average period nine and twenty-one. The lows at $61.00 were swept on the 26th of May. The bears experienced a successful breakout below the key level. A descending trend line guided the bears to the $55.00 level.
The bears found it difficult to pull through $55.00. The level was successfully defended on the 28th of May 2022 and the 9th of June 2022. The bears tested the demand zone for the third time yesterday. This led to a successful breakout below $55.00.
Market Expectation
On the four-hour chart, the Moving Averages crossed on the 7th of June. The Moving Average cross-fostered the successful breakout. A descending triangle is also evident on the four-hour chart. The descending trend line experiences a touch three times before the bearish breakout. The market is expected to reach the $51.00 demand level.
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