Compound (COMPUSD) Undergoes a Bullish Pullback
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Price Analysis: Market Experiences Temporary Bullish Momentum as it Aims to the Daily Order Block
COMPUSD continues to exhibit signs of a persistent bearish trend that the market has been experiencing for an extended period. During this ongoing downtrend, the price breached a key demand level of $40.80, marking a significant low in early August 2024. This price action triggered a notable bullish correction, propelling the price upwards to test the $53.70 level. Although the price momentarily breached this resistance, the upward momentum was unsustainable, resulting in a swift and sharp reversal.
COMPUSD Key Levels
Demand Levels: $42.80, $32.80
Supply Levels: $53.70, $65.70
Following the decline, the $40.80 level once again acted as a critical support point, preventing further downward movement. Upon reviewing the 4-hour timeframe, the price demonstrated a failed attempt to break lower, establishing a failed low at the $40.80 support level. This development suggests the beginning of a bullish trend in the short term, as price action rebounds from support and begins to recover.
The current bullish momentum is likely to target the liquidity resting above the $53.70 level, which represents a key area of interest for traders. Should this liquidity be absorbed, the price could trigger a daily order block.
Market Expectation
The broader market sentiment suggests that once this bullish correction exhausts, the price will likely resume its bearish trajectory, continuing the long-term downtrend.
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