Compound (COMPUSD) Bulls Show Resilience as Buyers Maintain Strong Momentum
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Market Analysis – Buyers Momentum Refuses to Buckle Down
Compound bulls show resilience as buyers maintain strong momentum. The bulls in the compound market have shown remarkable resilience this week, refusing to buckle down in their action. Buyers have been leveraging on their momentum. Furthermore, there is a possibility that the buy momentum could shoot up to a significant level of $62.600. The buyers have made their interest known, and their pace has not slowed down lately.
Compound Key Levels
Resistance Levels: $81.380, $68.560
Support Levels: $45.210, $34.440
Sell traders, on the other hand, have targeted a fall in price after it spiked up to the key level of $68.560. As buyers lost interest, the compound price dipped below the significant level of $62.660. However, early into the new year, the buyers attempted to push the price back up to the $68.560 zone. Unfortunately, their efforts waned not long after, and the sellers eventually took charge. This, however, caused the price to drop to as low as the significant level of $45.210.
Currently, the buyers are on a strong ride as momentum continues to build. Their target seems to be the $62.660 price level. However, if the buying tendency increases, buyers could potentially trade close to the significant level of $68.560. The strength of the buyers is evident as the Stochastic indicator is pushing forward.
Market Analysis
On the short-term trend, the buyers remain alert and ready to continue their challenge. The compound price remains in a bullish motion, and the buyers are refusing to back down.
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