Compound (COMPUSD) Bulls Emerge as Price Rebounds from Extreme Lows
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COMPUSD Analysis: Bears Leave the Market as the Price Becomes Extremely Low
COMPUSD bears leave the market as the price becomes too low. The market is underpriced, according to the RSI (Relative Strength Index). A reversal is imminent as the bears leave the market in panic. Nevertheless, the overall trend is still bearish since a shift in structure has yet to occur.
COMPUSD Significant Zones
Demand Zones: $26.20, $23.20
Supply Zones: $33.30, $47.00
On December 30, 2022, a rally was engineered to drive COMPUSD into the premium zone. According to the MA Cross, MA Period 40 was crossed by MA Period 18, indicating it was time to buy. However, the uptrend ended shortly after the buy signal from the MA Cross. This uptrend was met with selling pressure, which initially led to the market creating two higher highs reluctantly. However, immediately after reaching these highs, a downtrend emerged uncontrollably.
The previous high in the uptrend occurred at the price level of $63.80, which also served as a long-term high. It is unlikely that the price will reach that level again for quite some time. Following the establishment of this long-term high, the market has been dominated by bears. COMPUSD has experienced minimal retracement, except for a bounce off the $35.60 price level. The $35.60 low broke, and the market continued to decline even more uncontrollably. A liquidity sweep occurred at the $29.90 low as the price sank deeper into the discount zone.
Market Expectation
The selling momentum drastically decreased as COMPUSD was met by buying pressure at $23.20. The market will likely flip bullish if it continues expanding upward after breaking the $28.80 high.
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