Compound (COMPUSD) Is Struggling to Stay Afloat the $110 Price Level
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Compound Analysis – The Price Is Still Struggling to Stay Above $110
Compound is struggling to maintain a hold above the $110 price level as bears keep pressing the market down. COMP/USD dropped to this level on the 22nd of January 2022, and the price maintained a hold above it till February. An attempt to rise from the level met a sharp rebuff, such that Compound almost slipped below the level. Since then, the coin has been struggling not to fall any lower.
Compound Critical Levels
Resistance Levels: $250, $180
Support Levels: $110, $60
This phase in the market is similar to what happened late last year into January at the $180 price level. When the coin dropped to that level on the 4th of December, the price steadied itself and attempted to create a bullish resurgence. However, a strong barrier at $250 kept the market at bay. This led to a struggle to stay afloat at the $180 significant level, and eventually, the market dipped to $110.
If the market scenario is to replay itself precisely like it has been doing so far, Compound will take another dip to $60. The RSI (Relative Strength Index) indicator has bounced down from the middle line, showing bearish action in progress. The same can be said of the Stochastic Oscillator, which has stopped short of reaching the overbought zone and has crossed downward.
Market Prospects
In contrast to the daily chart, the price shows signs of a bullish turn up on the 4-hour shorter time frame. The price has touched down at $110, and bullish candlesticks have emerged to show a rise. The Stochastic is showing oversold already and has crossed upward. If the market can maintain its trajectory, it could avoid a drop and instead position itself for an assault toward $180.
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