Bearish Forces Plunge Compound (COMPUSD) Back to $300
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Market Analysis – Compound Plunges Back to $300 Under the Weight of Bearish Forces
Bearish forces plunge Compound back to around where it started from about a month ago at $300. The coin has had a hard time breaking through the resistance at $385, and the bulls have weakened as a result. There has been a systematic drop in price till the market finally drops to the $300 support level. Bearish forces have been at work on the market to plunge it since it touched the $385 resistance.
Compound Key Levels
Resistance Levels: $370, $385
Support Levels: $300, $220
Compound can be said to be in a consolidation phase as it remains confined between the $385 and $300 key levels. The coin dropped into this zone after bears plunge it on the 20th of September. Buyers have been looking for a means to raise the price level back above the $385 key resistance. They forged the coin into a symmetric triangle, and the price broke out after a retest on the 31st of October.
However, the efforts of the bulls have nice become vain as the market fails to make it past the $385 level. Furthermore, the resistance level now forces the market to drop even lower. The market received support from the MA period 50 (Moving Average) to bounce back up, but this time it even fails to make it past $370 and Compound plunges under bearish pressure.
Market Expectations
The market is now restarting its journey upward again from the $300 support level. The Stochastic Oscillator lines have crossed each other from the oversold region and are now abounding upward. The first task of the coin will be to push through the MA period 50, from which it can retest it to push further upward. The $385 key level remains the goal of the market.
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