Compound (COMPUSD) Bears Cling to Control
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Market Analysis – Price Experiences a Rough Setback
Compound bears cling to control. The compound price has traded through a tug-of-war between traders. The sellers attempted to breach the significant level of $68.370, but their efforts proved futile. On the other hand, the buyers showed determination as they fought to defend the $63.700 price zone.
However, their resolve was short-lived, and they eventually pulled back after reaching the $81.670 price level. This inconsistency in buyer behavior led to a period of accumulation.
COMPUSD Key Levels
Resistance Levels: $104.000, $81.670
Support Levels: $68.350, $45.340
As we enter this week, the market reflects renewed selling pressure. The sellers have managed to push the price back to a significant level of $68.350. The Parabolic SAR Stop and Reverse indicator indicates that the price is still in a tight trend, with sellers driving it lower.
However, the buyers are not giving up without a fight. It is only a matter of time before the selling pressure overwhelms the buyers once again. All eyes should be on the lookout for sellers breaking through the key level of $68.350, as this could potentially trigger a free run for the sellers.
Market Expectation
If the sellers successfully breach the key level of $68.350, it would signify a significant shift in market sentiment. This could lead to a renewed wave of selling pressure, pushing the price of the compound further downward. Investors and traders should be cautious in this scenario, as it may indicate a bearish trend for the foreseeable future.
Also, if the buyers manage to hold their ground and defend the $68.350 level, it could signal a potential reversal in the market. This would create an opportunity for the buyers to regain control and push the price of the Compound higher. Traders should closely monitor the price action in this scenario, as it may present a favorable entry point for long positions.
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