Compound (COMPUSD) Price Faces Bearish Pressure
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Market Analysis – Compound Buyers Need a Rally
Compound price faces bearish pressure. The price of compound is currently running on bearish fuel, with sellers showing no signs of giving up their pursuit to push the price lower. The cryptocurrency experienced a decline as it entered the new year. Before the start of 2024, buyers exhibited resilience around the critical zone above $60.000. However, the bullish momentum fizzled out before reaching the $70.000 price level.
COMPUSD Key Levels
Resistance Levels: $69.020, $59.700
Support Levels: $44.360, $34.410
At this stage, the crypto price began to display signs of weakness as sellers gained control and pushed the price lower. The bears succeeded in trading back below the $60.000 price zone early this year. With a greater liquidity flow in the sell direction, sellers managed to pull the price down to the significant level of $44.300. However, they were ultimately rejected from reaching this level after a false run.
Given the impressive display from sellers at the beginning of the year, buyers will need to put up a serious fight to regain control. The Stochastic Oscillator is currently pointing in the sell direction. This indicates that bears still hold significant influence over the Compound price. Additionally, the Parabolic SAR (Stop and Reverse) indicator is projecting price signals in the sell direction.
Market Expectation
As it stands, COMPUSD appears to be running on bearish fuel. Buyers must strengthen their position and pull stronger strings to mount a comeback.
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