Compound (COMPUSD) Makes No Significant Move
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Compound Analysis – Price Makes No Significant Progress as It Continues Consolidating
Compound makes no significant move as it keeps ranging between the $250 and the $180 significant levels. The $250 key level initially acted as support to halt the fall of the market, but a retest back upward to the $300 level drives the market down such that it breaks through the $250 support and drops all the way to $180. Since then, the price has been undulating between the two levels with $220 acting as a middle line between them.
Compound Significant Levels
Resistance Levels: $250, $300, $370
Support Levels: $120, $180, $220
Since November 3rd, 2021, the coin has been under the intense bearish influence. Price can be seen sliding down below the $370 price level in a gradual fashion, breaking past $300 in the process. Below the $300 significant level, Compound started facing some level of resistance. However, a retest back to $300 broke that resistance to drive the market to the $180 significant level.
There was a firmer resistance as the price drops to $180. As such, there haven’t been further drops beyond this key level. At the same time, market sellers aren’t holding off. This has led to a ranging phase in the market between these key levels. Currently, the price is dropping towards $180. The RSI (Relative Strength Index) indicator indicates that the market is heavily bearish, implying that Compound could fall further.
Market Anticipation
On the 4-hour chart, a drop towards the $180 support level has plunged the RSI line to 39.90. The MA period 20 (Moving Average) is above the 4-hour candles to show the current sway of the price in favor of the bears. It is anticipated that the price will bounce from the $180 support level and rise again to $250.
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