Compound (COMPUSD) Heads Into Premium To Execute Sell Orders
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COMPUSD Analysis – Price Heads Into Premium To Execute Sell Orders
Compound (COMPUSD) heads into premium to execute sell orders. The market’s overall trend is bearish. However, the current direction of the market is upward as the price heads into a bearish order block. There is quite a lot of strong resistance above the current price level, so the bulls might not be able to take up the market for a long time.
COMPUSD Significant Zones
Demand Zones: 32.40, 26.20
Supply Zones: 65.80, 43.40
Since the six-month local high of $70.60, COMPUSD has been declining in price. The 65.80 major resistance was strong enough to resist the upward breakout of price from the zone. The price bounced off the previous support at 43.40 and retested the 65.80 resistance. Until this year 2023, the bulls had been having a hard time getting an opportunity to place buy orders on the daily chart. According to the Moving Average Convergence Divergence, the market has been below the zero line since October 2022, therefore indicating the bears’ dominance in the market.
Before the rebuff at 65.80, which birthed the current market’s order flow, COMPUSD experienced a surge in price after the first bounce off the 26.20 major support. This sudden rebuff was due to the buying pressure in the zone, coupled with the sellers’ taking profits in the zone. The current market phase lies between the 65.80 and 29.90 price levels. Following the overall market trend, COMPUSD appears to be heading into the premium to execute sell orders.
Market Expectation
The market’s uptrend on the four-hour chart is characterized by breaks in structure as COMPUSD heads into the bearish order block. As the price enters the order block, a retracement or a complete reversal is possible.
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