Compound (COMPUSD) Keeps on a Downtrend to Reach the Year’s Low
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COMPUSD Analysis – Price Keeps Falling as It Plunge Below $220
COMPUSD keeps on a downtrend and has now plunged below the $220 significant level to reach the year’s low. A tussle was ensured between the buyers and sellers above the $300 significant level that lasted for two months from September to November. Sellers came out victorious and plunged the market to $250. A retest below the $300 level led to a further fall to $220 and then below it.
COMPUSD Key Levels
Resistance Levels: $370, $450, $510
Support Levels: $120, $220, $300
Bearish forces have been acting on the coin since it failed to overcome the $510 resistance level. This led to its first fall above the weekly significant level at $385. It didn’t take long before the market sank deeper to $300. At this level, there was an attempt by the buyers to lift the price. An effort on the 3rd of November was unsuccessful and COMPUSD keeps a downtrend by falling further below $220 to reach a year’s low.
A fall below the $220 key level led to a further plunge of the Stochastic Oscillator line into the oversold region. This means that bears have preeminence in the market. The MA period 10 (Moving Average) is strongly shielding the coin from turning upwards. The price is now approaching a further lower level at $120.
Market Anticipation
The 4-hour chart is following the daily chart in that the Stochastic Oscillator line has fallen from overbought to oversold, while the MA period 10 remains above the 4-hour candles. A retest of the $220 significant level could precede a further market drop towards the $120 support level.
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