Compound (COMPUSD) Selling Resilience Could Be Renewed Following Accumulation
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COMPUSD Analysis – Sellers Could Renew Selling Pressure on the Cryptocurrency Market
Compound (COMPUSD) selling resilience could be renewed following accumulation. Because the token market has been so engulfed in a bearish section, sell traders are still more likely to flow lower. For the time being, buyers are less involved, paving the way for a downturn at every angle of a buying attempt on the COMPUSD. The crypto market has been trading heavily below the 200-day SMA (Smooth Moving Average), which depicts a strong bearish strength. However, traders are still much more expectant to see the COMPUSD price shape up above the moving average indicator in the coming months.
COMPUSD Market Levels
Resistance Levels: 166.750, $67.350
Support Levels: $34.420, $28.300
As the bearish order overflowed from the $166.750 key zone, the sell traders made price trades short. The bearish tendency emerged as being very active as more plunges came into view. Sellers rallied with their strength all the way down to the $28.300 key zone before buying opportunities became apparent on the COMPUSD price. The buyers were able to break above the $34.420 key zone as bullish pressure extended up to the $67.350 key zone. This key level was held as buyers were unable to push further.
The past four months have shown the price setting on the COMPUSD market to be aggravating. The price was held up below the significant $34.420 level as well. There hasn’t been a significant break down to $34.420 yet. However, every indication points to the fact that sellers are currently renewing their strength to push further. The stochastic oscillator is flowing back to the 0.00 level as sellers still appear to be in business. In the coming weeks, traders should brace for a selling impact beyond the $34.420 key zone.
Market Expectation
The price is still aggregating between the $41.290 and $34.420 key zones. The Relative Volatility Index (RVI) is trading in the middle of its range as we anticipate selling pressure to open at any moment. In the coming days, the COMPUSD price is more likely to trade lower, at $34.420.
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