Compound (COMPUSD) Poised to Break Major Trendline on Discount Array Reaction
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
COMPUSD Analysis: Market Sets To Break Major Trendline As Price Reacts To Discount Array
COMPUSD sets to break a major trendline as the price reacts to the discount array. The emergence of the major trendline dates back as far as the beginning of the overall trend. The overall bearish trend began initially with a reaction towards the $63.80 supply zone.
COMPUSD Significant Zones
Demand Zones: $33.60, $29.90
Supply Zones: $47.00, $63.80
Intriguingly, the year 2023 began with a very strong uptrend. Breaking major resistance levels, only to end in a massive crash after the year’s first quarter. Before the uptrend’s emergence, a lower high formed at the $40.60 price level on December 13, 2022. This later happened to be the last swing high formed before the price went into the premium zone. As indicated by the MA Cross, the uptrend did not end until late February 2023. The decreased momentum was one of the first signs that COMPUSD was about to flip bearish.
The second sign is the choppy nature of the market above the $47.00 psychological level. Confluence with the overbought indication of the Stochastic Oscillator, COMPUSD crashed massively after a whipsaw on February 19, 2023. A CHOCH (Change Of Character) to the downside occurred as the market finally flipped bearishly. The price has since then been heading downward alongside the major falling trendline. COMPUSD is currently in an oversold state and also at a discount. Depending on the buying pressure in this zone, a breakout from the falling trendline to the upside might surface.
Market Expectation
The last low created on the four-hour chart is at the $31.40 price level. The price is currently in a daily bullish order block. An impulsive rally is likely to occur from here until COMPUSD hits or breaks the major trendline.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
