Compound (COMPUSD) Bears Tighten Their Grip Against All Buying Pressure
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Market Analysis: Market’s Structure Shifts Downward
Compound bears tighten their grip against all buying pressure. COMPUSD sellers have firmly taken control of the market, signaling a continuation of the downward trend that might persist for months. Despite the sudden breakout to the upside in late February 2024, sellers have intensified their efforts, pushing the price below major support levels. The MACD (Moving Average Convergence Divergence) also indicates that the impending crash is set to commence.
COMPUSD Key Levels
Resistance Levels: $81.60, $103.40
Support Levels: $44.30, $34.90
The power struggle for dominance between buyers and sellers ended with a massive surge in the price to the upside in February 2024. At first, a Fair Value Gap formed before the sudden breakout. The bullish candlesticks kept appearing until the price eventually hit a major resistance at $103.40. Following the resistance met at the key level, sellers swiftly reasserted their dominance, relegating buyers to a defensive stance once more.
The price of Compound is currently declining lower alongside a falling trendline. Looking ahead, the market outlook appears bleak for proponents of bullish sentiment. The MA Cross indicator corroborates the prevailing bearish narrative, with its readings indicating a strengthening of bearish momentum. Against the MACD, sellers stand poised to unleash further downward pressure upon the market as it crosses the zero line to the downside.
Market Expectation
The market’s order flow on the four-hour chart is bearish. The market’s structure of the four-hour chart indicates a clear bearish trend as the bears keep storming the market. Following the buy-side liquidity grab at $80.60, COMPUSD resumed the bearish trend after a major pullback to the equilibrium level. The bearish trend is expected to continue as the $63.50 low is yet to be invalidated.
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