Compound (COMPUSD) Fails to Mount a Price Reversal From Consolidation
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COMPUSD Analysis – Price Fails to Mount a Turnaround From Consolidation
COMPUSD fails to complete its reversal formation from consolidation and has instead dropped to a lower price level. The action of the bulls to halt the bearish windfall using a strong $100 key level has ended in futility as they were unable to sustain their endeavour. The only event of note was when the price rose to test the $180 resistance. The cryptocurrency slumped after it fails to violate the level.
COMPUSD Key Levels
Resistance Levels: $100, $180
Support Levels: $30, $50
In accordance with the global crypto dip, the Compound coin has been heavily bearish since the last quarter of the year 2021. It is observed that bullish forces struggled with the market as it plunged. However, the influence of the opposing forces dwindled with each price level being breached downward.
Nevertheless, the buyers set themselves in an array and summoned the strength to slow down the fall. The price bounced off the $100 level, halting the downtrend. Having gained some breathing space at this level, the bulls attempted to raise the price level, but they failed woefully at $180. The result is that the market slumps, breaking through $100.
Market Expectations
The price eventually violated the $100 level and dropped to $50, its lowest ever level. The bears are still very active, knocking down at this price level and the lower line of the Envelope indicator. In doing this, the sellers threaten to set a record low in the market. The Stochastic also has taken a dip into the oversold region. There is a very high possibility that the coin will drop as low as $30 before a revival.
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