Compound (COMPUSD) Poised to Reach New Heights as Price Soars
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COMPUSD Analysis: Market Sets To Create A New High As Price Becomes Extremely High
COMPUSD sets a new high as the price becomes extremely high. Due to the recent rally from the $26.20 demand zone, the market has entered an overpriced region. As per the RSI (Relative Strength Index), the price needs to make a downward correction. This implies that a decline is probable in this overpriced region even before breaching the $93.40 resistance.
COMPUSD Significant Zones
Demand Zones: $35.60, $26.20
Supply Zones: $63.80, $93.40
The last clear signal from the MA Cross was in January 2023. This was when the MA Period 18 crossed the MA Period 40 following a surge in price. The surge was due to a rise in buy orders from the discount zone. The previous resistance of $35.60 broke as a bullish marubozu candlestick formed. The bullish marubozu candlestick brought the surge ended as COMPUSD began to consolidate before creating the $63.80 swing high. The period of extreme consolidation was between late January and mid-February 2023.
Following the consolidation, a downward trend eventually emerged. While the downtrend lasted for a long, it barely crossed the $26.20 support level. The decline was reluctant as the bulls kept storming the market. The $35.60 demand zone was the 12-month low before its invalidation in June 2023. Following the invalidation, COMPUSD sank deeply to execute buy orders at the discount zone. This caused a significant rally that changed the market’s character to a bullish one.
Market Expectation
Since the market’s character changed to the upside, Higher highs and higher lows have been observed in the price movements of COMPUSD. As it appears, the market’s direction is now upward. The price will likely remain bullish until it hits the major resistance at the premium.
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