Compound (COMPUSD) Ready to Deploy Lower
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Market Analysis – Sellers are Ready to Intensify Pressure
Compound sellers are ready to deploy lower. The price of COMPUSD has been experiencing a downward trend for months. The buyers initially showed strength around the $76.460 significant level, but have since lost their trail. The struggle for dominance first began between buyers and sellers earlier this month. The sellers eventually succeeded in pulling the price below the $83.340 level after weeks of consolidation.
COMPUSD Key Levels
Resistance Levels: $100.000, $83.340
Support Levels: $76.460, $63.370
Before the sellers initiated a drop this month, there was a fierce fight for dominance between the buyers and sellers. The buyers were forced to bail out close to the significant level of $100.000, indicating the strength of the sellers. This struggle for dominance created a volatile market environment, with both bullish and bearish forces vying for control.
Although the sellers managed to pull the price below the $83.340 level, the bullish strength had a temporary grasp of control. The compound experienced a pullback from the significant level of $70.760, indicating a brief resurgence of the buyers. However, the sell pressure on the recent side has once again gained strength, putting the buyers on the defensive.
Market Expectation
In the short time frame, sellers are on the verge of dropping another bombshell if a breach is seen below the significant level of $70.760. This would indicate a further decline in the price of Compound. The MACD (Moving Average Convergence and Divergence) indicator reinforces the bearish strength, indicating that the sellers are getting stronger. While buyers may show potential for a pullback, the selling market remains in control. Therefore, a possible breach below the $70.760 level is a real possibility.
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