Compound (COMPUSD) Remains Without a Definite Direction
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Compound Analysis – The Market Remains in Consolidation Without a Definite Direction
Compound remains without a definite market direction as the price continues in consolidation. The latest attempt by the coin to make headway past its supply level at $180 ends in futility. The buyers lacked the bite to mount a serious challenge. Hence, the price has dropped back to the $110 demand level, lacking a clear direction and continuing in consolidation.
Compound Important Levels
Supply Levels: $220, $180
Demand Levels: $110, $60
Compound, which had been on a steady downtrend from last year, finally found equilibrium at the $110 demand level. It was assumed that after a while, the price would drop as well, but the strength of the demand zone ensured the coin would remain afloat. Hence, the price broke out of its falling wedge pattern and stayed in a sideways movement above the demand level.
Therefore, Compound has continued in consolidation from the beginning of the year up till now. The EFI (Elders Force Index) depicts the current dormant nature of the market by sliding its power line along with the zero level of its chart. An attempt by the buyers to push upward at the beginning of April interrupted the market’s equilibrium, but that is gradually being restored as the market remains in a ranging system.
Market Expectations
As is typical in a silent market, the Bollinger Band indicator has squeezed itself onto the candlesticks, both on the daily and 4-hours charts. The EFI on the 4-hours chart had plunged slightly to a negative value. Compound generally remains in equilibrium, which could lead to a breakout either way. But the buyers look most likely to influence the market, and when it happens, the price will drive towards $220.
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