Compound (COMPUSD) Bearish Momentum Persists as Buyers Lose Focus
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Market Analysis – Could Lose Ground to Sellers
Compound is at risk of losing more ground as the selling momentum continues. The buyers have lost their focus, allowing the bearish influence to take hold. Although the bulls exerted pressure close to the significant level of $70.00 this week. As of now, the bears have recently reduced their tempo as the buying momentum has waned.
COMPOUND Key Levels
Resistance Levels: $77.40, $60.00
Support Levels: $35.20, $$24.60
The market has been struggling in a consolidation phase for the past few months, particularly from November into December. This point is where accumulation seemed to be the prevailing theme. The bulls have faced difficulties in gaining traction, resulting in a range between the significant levels of $60.00 and $46.00. This consolidation has left traders in a state of uncertainty.
Just last week, there was an observed increase in liquidity flow as buyers continued to push forward. However, with the sellers now projecting the price back towards the key level of $58.10, it could potentially lead to a breakthrough. Nevertheless, the bulls still have a chance to build and exert stronger pressure.
Market Expectation
The Stochastic Oscillator indicates that sellers are still in control, pulling the strings for a breakthrough. However, as the new year unfolds, Compound is expected to show stronger liquidity flow. While the bearish momentum persists, the bulls still can regain strength and propel the price higher in the coming months.
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