Compound Price Under Pressure As Bears Eye Key Support Zone
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COMP/USD Price Analysis – Sellers Maintain Control as Price Slides Toward Critical Levels
Compound price is currently exhibiting a distinct bearish sentiment as sellers dominate the market action. After a failed attempt to break above significant resistance earlier in the month, the price has entered a downtrend, consistently pushing lower. The market is now approaching a crucial long-term support area, a level that could determine the next major directional move.
Compound Key Levels
Support Levels: $39.40, $35.00
Resistance Levels: $50.36, $55.70
COMP/USDT reveals that the asset has been trading within a broad consolidation range for several months. The price has oscillated between the key support at $39.46 and the formidable resistance ceiling at $55.78. The most recent price action shows a strong rejection from this upper resistance boundary in early August, which shifted market control firmly to the bears.
Currently trading at $43.08, the price is descending toward the lower end of this range. The structure of lower highs and lower lows since the August peak confirms the prevailing downtrend. The technical indicators support this bearish outlook.
The Relative Strength Index (RSI) is at 41.73, trending below the 50 midline, which indicates that bearish momentum is leading. Furthermore, the Momentum indicator reading of -1.60, being below the zero line, confirms that selling pressure is firmly in control on the daily timeframe.
Market Expectation
The 4-hour chart offers a closer look at the persistent selling pressure. The price is currently at $43.08 and is locked in a clear and structured downtrend, characterized by a consistent series of lower highs and lower lows. This pattern highlights the sellers’ ability to cap every minor rally and push the price to new short-term lows.
The market is showing little sign of a bullish reversal at this stage. Buyer exhaustion is evident as attempts to bounce have been weak and short-lived.
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