Compound (COMPUSD) Price Senses More Pressure as Sellers Push Lower
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COMPUSD Analysis- Compound Price Is Indicating a Sell Signal Despite Pullbacks
Compound (COMPUSD) price senses more pressure as sellers push lower. Every indication has pointed to the fact that sellers are majorly in control since last week. The crypto market has ventured into a new buildup phase following its consolidation phase, which has taken a long time. The market activity of the past few weeks shows breakout activity by sell traders as the crypto price breaks through the $43.310 key zone down to the $34.070 key zone.
COMPUSD Significant Levels
Resistance Levels: $166.750, $115.690, $65.720
Support Levels: $42.310, $34.070, $28.540
However, recent developments show buyers holding back following the breakout from the Bollinger Band Indicator. Nevertheless, the sellers are already placing orders to push market activity lower. After a massive swing toward a bearish tendency around the $166.750 key zone, the selling merchant began to lower its selling price. The bears continue to hold influence until the price arrives at the $28.540 key zone. The buyers at this point made a sudden change as price focus pushed forward from the $28.540 key zone.
However, their buying strength wasn’t sustained, as they failed to break beyond the $65.720 key zone. Price consolidation occurred as a result of insufficient strength. This, however, lasted for a series of months before we got to see a breakout beyond the $34.070 key zone. The RSI (Relative Strength Index) shows the price momentarily still trading lower on the daily chart time frame, with sellers still having more potential to plunge the market.
Market Expectation
The buyers have currently made progress back to the middle level of the Bollinger Bands indicator at the moment. If the price continues to react at this level, a downturn may occur, resulting in the market continuing to sell. With an increase in selling pressure, the COMPUSD price is likely to trade back to the $34.070 key zone.
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