Compound (COMPUSD) Market Prepares for Next Wave
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Market Analysis: COMPUSD Halts Bearish Trend Temporarily
Compound (COMPUSD) halts Bearish trend temporarily as Market prepares for Next Wave. The buyer’s control in the market weakened when prices reached a significant high in early March 2024. This resulted in a rise in selling pressure, although selling activity decreased after a failed low was established upon reaching the 44.50 level.
Compound Key Levels
Demand Levels: $60.60, $44.50
Supply Levels: $80.10, 101.000
After encountering resistance at the 101.00 level, the market sentiment for COMPUSD shifted from bullish to bearish. This transition was underscored by a bearish structural break, signifying the predominance of sellers in the market. Although the bearish trend breached the 66.60 support level, its momentum began to wane upon reaching the 44.50 level.
This deceleration was characterized by the formation of a failed low, which coincided with a rebound from the oversold territory as indicated by the daily Relative Strength Index (RSI).
Concurrently, the Moving Average (MA) suggests a potential shift in market tendency, as the recent price action has risen above this key indicator, typically indicating a bullish signal. The 4-hour timeframe break structure is bullishly coupled with the 4-hour Moving Average indicating a bullish stance as the price is trading above its Mark.
Market Expectation
The bullish retracement is anticipated to rise towards the order block as Price is then expected to show signs of resumption of bearish momentum. A resumption of the bearish trend is expected to cause a sell-off to breach $44.50 levels.
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