Compound (COMPUSD) Is Set for More Downside Movement?
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COMPUSD Analysis – The Market Is Set for More Downside Movement as Price Ranges
COMPUSD is set, most likely, for more downside plunges as it ranges within a falling wedge formation. After plummeting from the $180.00 significant level, the market is currently finding sustenance above the $120.00 support level. This has been ongoing for the past two weeks. But it remains to be seen if the $120.00 support level can withstand bearish influence to lead the price out of the wedge or if it is also set to bulge like previous key levels.
COMPUSD Significant Levels
Supply Levels: $250.000, $300.000, $370.000
Demand Levels: $62.000, $120.000, $180.000
At the beginning of the last quarter of last year, the price began to adjust through a falling wedge chart pattern. And since then, there has been a downward liquidity flow. Various key levels are seen to have resisted the market at several levels, but they’ve eventually buckled under pressure from bearish influence.
Price has now dropped till it reaches its current level of $120.00. The market is approaching the upper border of the falling wedge, and the price is set to plunge after this. The Parabolic SAR (Stop and Reverse) has placed its dots below the daily candles to suggest an imminent reversal. The Stochastic also has its line ascending from the oversold region.
Market Prospects
On the 4-hour chart, the price has been bouncing above the $120.00 support level as it approaches the upper border of the falling wedge formation. The Stochastic is already overbought, which makes the COMPUSD vulnerable to a drop. The target is the $62.00 support level.
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