Compound (COMPUSD) Remains in a Bearish Domain
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Compound Analysis – The Price Remains in a Bearish Stronghold
Compound remains in a bearish domain above the $50 support level. Over two months before the current time of writing, the market attempted a major bullish endeavour of trying to break through to the $180 significant level with the $100 zone as a demand zone. However, a failure to carry this out successfully let the coin into more depression and, subsequently, the cryptocurrency dipped lower to $50.
Compound Key Levels
Supply Levels: $75, 100
Demand Levels: $30, $50
It has been all downtrending for the Compound market since last year’s last quarter. The reason for this is the little effort of the buyers in comparison with the enthusiastic push of the sellers. Hence, the action of the buyers can only yield, at best, a temporary ranging movement at the key level before bears plummet the price further.
The longest ranging and sideways movement happened above the strong $100 critical level. From there, the market makes a major move to break through to $180. As in previous times, this was largely unsuccessful, leading to a further slip below $50. The Momentum Indicator shows that momentum in the market is currently at mid-level. This is due to inactivity after the price falls to $50.
Market Expectations
On the 4-hour chart, it can be seen that the price is now accumulating at the $50 critical level, with the $75 price level acting as its barrier. There is an opportunity for the buyers to cause a reversal in the market. The Momentum Indicator is still vacillating between a positive and negative position to show reduced market activity. The EFI (Elders Force Index) indicator is also in the bias of the sellers. The price looks set to drop to $30.
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