- In the chart, the COM is an important level and can lead to a decline for the next few days.
- According to the feelings, the seller does not withheld it and continues to off the Compop as he is weakened.
The market sentiment for internet computers (COM) remains weak, with a decrease in assets last week and month, resulting in a decrease of 12.31%and 24.92%, respectively.
Ambcrypto Analysis found that Compop traded at the level of support at an important position. If this support fails, it can lead to a big decrease. At the same time, market activities were dominated by sales.
COMP in an important area -what can happen?
At the time of writing, the COM was traded at the bottom of the integrated channel until July 2023.
If this support level is not maintained and computing violates the lower boundaries, the final leg of the weak flag pattern starts.
This pattern is formed when the price has experienced and integrates the rapid decrease and continues the downward trend.
Source: TradingView
The next level of support under this violation is $ 23.27, which means a 50% reduction. If this support fails, the Compi can no longer fall and potentially be traded in the range of $ 20 or less.
The reduction potential is high
The current derivatives market shows a high potential to fall under this major support, as the seller indicator suggested.
One of these weak indicators has decreased by 1.83%due to open interest decrease, reaching $ 18 million in the last 24 hours. This decrease was provided with the reading rate of 0.9242.
Source: COINGLASS
In this scenario, if the ratio is less than 1, the sales volume exceeds the purchase volume and represents more sellers in the market.
In addition, the rate of financing that tracks a sector in the market that pays a premium to determine the trend direction was negative at -0.0065 in the prestation time.
Negative reading values show a favorable decline for the seller, while positive reading shows a preference for buyers.
If the sales pressure continues to increase, the COMP can reach the $ 23 goal with a low trend below the current level of support.
Source: COINGLASS
In the field market, the trader started selling for the first time since the start of March, but earlier this month, investors have accumulated a small amount of COM.
Currently, daily exchange net flow is positive, indicating that sales activities increase.
So far, about $ 71,000 worth of compes have been sold to the market. If this sale, which is combined with the weakness in the derivative market, continues, the COMP can see the main price drops as expected.