Compound (COMPUSD) Bears Break Through Another Significant Level
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COMPUSD Analysis – Bears Break Through the $120.00 Price Level
COMPUSD bears have finally broken through another significant level after the $120.00 demand level was breached. The coin dropped to this level on the 22nd of January, and since then, bears have consistently applied downward pressure to the critical level. There was initially sufficient resistance to keep the coin afloat until pressure doubled as the price traded towards the border of the descending channel.
COMPUSD Critical Zones
Supply Zones: $370.00, $250.00
Demand Zones: $60.00, $120.00
The technique by which bears plunged the market from the $120.00 demand level is a repetition of what the bears have been doing since last year to bring the price down through the descending channel. Often, the coin will consolidate above a demand level till it gives way under pressure. If it doesn’t yield initially, it will when the market moves closer to the border of the falling channel.
This happened above the $385.00 demand level. Then the price dropped to $300.00, where it consolidated for two months. Following that, the coin dropped to $180.00 and, most recently, $120.00. Bears have successfully executed the same strategy at $120.00, and the price is now trading close to the lower Envelope boundary, pushing for more drops. With a negative value, the Elders Force Index shows there are currently more bears in the market.
Market Prospects
The 4-hour chart shows that the coin has made a rebound from the lower Envelope border. Nevertheless, the market has to contend with the Envelope’s EMA and the upper boundary of the falling channel to take any meaningful bullish position. While the power line of the EFI is surging upward, it is still in negative value and the bearish half. The market is predicted to drop to $60.00.
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