Compound (COMPUSD) Keeps Falling Under Bearish Pressure
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Compound Analysis – Price Keeps Falling as Sellers Keep Plunging the Market
Compound keeps falling under pressure from sellers. After falling abruptly out of its upward channel, the coin has failed to hold on above the $380.00 support level. This has paved the way for bears to step in and exert pressure on the market. After testing the key level several times, price eventually slides under and makes a falling motion.
Compound Key Levels
Resistance Levels: $507.00, $590.00
Support Levels: $380.00, $304.00
COMPUSD has been making steady progress upward since the market crashed to a low of $210.00 on the 22nd of June 2021. Price immediately shot up and though the market met strong resistance at $507.00, Compound keeps making gradual progress upward using an ascending channel. But each time the coin tries to take a jump, the $507.00 key level keeps defending further upward movement.
On the 7th of September, the coin took a knockdown from the $507.00 resistance which the market is yet to recover from. This led to the price eventually falling below its support level at $380.00. The MA period 9 has firmly aligned itself above the daily candles to further push it down. The Stochastic Oscillator has seen its signal lines plummet from the overbought region down into the oversold region. However, there is now a golden cross from the oversold region to signal an imminent upturn in price.
Market Predictions
Though the market is approaching the $304.00 support level, a reversal might be on the cards sooner. The latest cross in the oversold region might be a signal that price is ready to climb up. This is accompanied by a current bullish candle displayed on the 4-hour chart.
Compound is therefore expected to make a reversal imminently, which will lift the market back to $380.00.
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