Compound (COMPUSD) Is Falling to a $326.600 Demand Level
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Price Analysis – $326.600 Demand Level Is the Target for Falling COMPUSD
COMPUSD is falling after being strongly rejected at the $532.600 supply. The market’s destination is now to reach $326.000 demand. Compound has a well-documented history of trading between the $532.600 supply and the $326.600 demand level. Starting from the first day of February 2021, the market ranged between these key levels. Price eventually found its way out after breaking out from the $532.600 supply level on the 23rd of April 2021.
Price has fallen back into this zone after its bullish foray. Compound, under bearish pressure, bypassed the $326.600 level to land at $206.000. The market then sprang from this support to return above the $326.600 demand level, till it touched the $532.600 supply. COMPUSD was rejected and is now falling to $326.600 again to continue its sideways movement.
The RSI (Relative Strength Index) is currently midway at 47.73. This shows that the market has more space for downside movement. The MA period 9 (Moving Average) also confirms a bearish trend in the market. By the 12th of July 2021, its signal line had completely moved above the daily candle to push it further down.
COMPUSD Key levels
Supply Levels: $672.500, $532.600
Demand Levels: $326.600, $206.000
Market Prospects
The market is undulating as it goes downwards. The Moving Average period 9 is now above the 4-hours candlesticks and we can expect the market to go down further at this point. On the 4-hour chart, the RSI is at 38.18, and its signal line can be seen to be dipping. This is a position that price last reached 3 days ago on the 14th of July 2021.
All indications, therefore, point to the fall of the COMPUSD. The market is expected to fall to the $326.600 demand level before it starts another upward movement.
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