Compound (COMPUSD) Rebounds Against $210.000 to Bounce Back to Trading Zone
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Price Analysis – Market Back to Trading Zone as COMPUSD Rebound Against 210.000 Support
COMPUSD rebounds against support at $210.000 to return back to its trading zone. Compound major trading zone in 2021 has been between the $550.000 supply and $337.000 demand. COMPUSD had started the year on the demand level at $126.000, to which it gradually climbed the market to enter the trading zone on the 31st of January 2021.
After a period of cranking in this trading zone, an increase in market volatility helped the bulls to lift the market out of the trading zone. Compound broke out of the zone on the 23rd of April 2021. The market hit its highest for the year 19 trading days after, after which it began declining. By the 19th of May, the market had plunged back into the trading zone. The market traded for 18 more days before falling below. In total, since the beginning of the year, the market has spent a cumulative of 100 trading days in this zone.
The market has now rebounded from the $210.000 demand level to go back into the trading zone. The 9MA (Moving Average) has moved to the underside of the daily candles to act as support for the price. The MACD (Moving Average Convergence Divergence) has its signal line facing and moving upward. Also, strong bullish histogram bars are on display by the indicator.
COMPUSD Key Levels
Supply Zones: $693.000, $550.000, $467.500
Demand Zones: $337.000, $210.000, $126.000
What to Expect From Compound
On the 4-hour chart, consecutive bullish candles can be seen. The 9MA still remains firmly below the 4-hour candles to act as support for its bullish movement. The MACD has switched from bearish histogram bars to bullish ones and the signal lines are high above the zero level. This also confirms bullish market movement.
The markets are expected to properly resume into the trading zone. The price there is predicted to reach $467.500
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