Compound (COMPUSD) Displays Bullish Tendencies as Price Tapers
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COMPUSD Analysis – Price Displays Bullish Sentiment as Movement Diminishes
COMPUSD displays bullish tendencies even as the coin is narrowing through a triangle pattern. The market broke downward out of consolidation, and since it dropped to the $300 key level, price has been fluctuating. The $370 price level, which acted as support to keep price in consolidation, now acts as resistance to the upward climb of the coin. It was after rejection at this level that price began to fluctuate around $300.
COMPUSD Key Levels
Resistance Levels: $370, $450, $510
Support Levels: $300, $220, $120
Having dropped to the $220 support level on the 21st of June, Compound displays bullish tendencies by rising briskly, such that it pushed through many key levels effortlessly. However, the market suffered rejection and failed to bypass $510. The bullish tendency remains, nevertheless, and COMPUSD spent the next two and a half months consolidating below $510, with $370 acting as consolidation support.
After a while of trial, Compound’s bullish tendencies waned and price dropped below the consolidation support. However, in recent times, the daily chart shows that the market is reviving and going bullish again. The Parabolic SAR (Stop and Reverse), having been predominantly above the daily candles to show the weakening of bullish tendencies, has now switched positions below the candles since the 15th of October till today to signify price reversal.
Market Predictions
The 4-hour chart shows that the market has launched a double test at the upper border of the descending triangle pattern from the $310 level. This shows the reluctance of the coin to even drop back to $300. This displays price bullish tendencies. The coin has now fallen back to $310. The MACD (Moving Average Convergence Divergence) shows the market’s fall back as its lines have crossed downward.
COMPUSD is expected to rebound from $310/$300 and eventually break upward to $450.
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