Compound (COMPUSD) Is Struggling to Break Out of Its Bearish Structure
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COMPUSD Analysis – Price Is Struggling to Break Out of the Bearish System Above $120
COMPUSD is struggling to break out of a bearish structure above the $120 critical level. The price remains in a downtrend within a wedge formation after dropping from the consolidation between the $250 and the $180 price level. Having fallen to $120, the coin has crashed into the upper border of the wedge structure, and the market could be set to drop lower.
COMPUSD Significant Levels
Resistance Levels: $510, $370, $250
Support Levels: $62, $120, $180
Market bearishness commenced below the $510 resistance level. For about three months, the price ranged above the $385 support level before plummeting to the $300 support level. The market would also consolidate at this level, with $370 as resistance for another three months before falling to $180. The same pattern occurred with $250 as resistance.
Compound has dipped to $120 as it keeps tapering downward through its wedge formation. However, the price is still struggling to break out of this bearish structure. The market has crashed against the upper border of the system and is dropping again. The Parabolic SAR has placed two dots above the daily candles to signal a direction change. The Elders Force Index also shows a negative value favouring the bears.
Market Prospects
Compound is still struggling to maintain a hold above $120, and it will take some resilience from the buyers to lift the fortunes of the coin immediately. Their initial effort is repelled as the price fails to break out. The market is currently falling back to $120 and could drop below it towards $62. As the daily chart, the 4-hour chart shows the dots of the Parabolic SAR above the candles and the EFI force line plunged deep into a negative value.
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