Compound Price Bleeds Lower as Buyers Lose Strength
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Market Analysis – A Tough Week for Buyers
Compound price bleeds lower as buyers lose strength. The price of compound (COMPUSD) has experienced a significant decline, breaking below the crucial $83.790 level. This downward trend comes after a challenging week for buyers, who struggled to maintain control of the market.
Compound key levels
Resistance Levels: $100.000, $90.00
Support Levels: $70.000, $50.00
Last week proved to be a challenging time for buyers of the compound. Despite weeks of consolidation above the $83.790 key level, the market failed to find a clear direction. The bulls, who had been dominant in the previous month, seemed to have lost their momentum.
Earlier this year, the buyers managed to revive their strength, pushing the price of compound from the $51.310 key level to a significant level of $100.000. This progression was a testament to the bullish sentiment prevailing in the market. However, since the beginning of March, the market has been trapped in a ranging pattern, lacking a clear trend.
Market Expectation
This week, the sellers have made a strong comeback, managing to push the price of compound below the $83.790 market zone. This development suggests that the compound price may continue to fall as sellers exert their influence. Traders should be cautious, as the sellers have the potential to cause further downfalls in the coming weeks.
The Moving Average Convergence and Divergence (MACD) indicator is currently showing a downward trend in the market. This confirms the presence of bearish sentiment, indicating that sellers are likely to drive the price back towards the $76.150 key level.
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