Compound (COMPUSD) Is Struggling to Avoid Further Price Drops
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COMPUSD Analysis – The Market Is Struggling to Hold at the $100 Key Level
COMPUSD is struggling to maintain a hold at the $100 key level and avoid a further price drop. The last attempt by the coin to break through the $180 resistance level was on the 3rd of April. Since then, the market has been put under pressure by the sell-traders. Hence, the price can be seen sliding below a falling trendline. COMPUSD has finally crashed to the $100 support level and is even struggling to avoid further drops.
COMPUSD Key Zones
Supply Levels: $180, $220
Demand Levels: $60, $100
The market was ushered below the $180 price level around mid-January 2022, and since then, the market has been trapped, failing to rise above $180 and being padded below by the $100 support level. However, it can be noted that the coin has spent more time bordering close to the support level than trying to break through the resistance. This is a testament to the greater bearish pressure on the market.
It was only in early April that the price truly tested the resistance level. Afterwards, the price has been pushed back downward. COMPUSD is now struggling to avoid a further drop below the $100 support. The coin is stretching the lower border of the Bollinger Band and the EFI (Elders Force Index) line has already dropped to a negative value, both showing active bearish influence.
Market Expectations
The influence of the bears is much more pronounced on the 4-hour chart. The EFI power line is vacillating majorly below the zero level as the candles keep crashing to the $100 support level. If the pressure persists on the market, it is only a matter of time before the price drops. The next point of call will be around the $60 support level.
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