Compound (COMPUSD) Leaps From $310.00 Support to Push Price up
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Market Analysis – Compound Makes Upward Progress as It Leaps From Support at $310.00
Compound leaps up after crashing into the $310.00 support. This comes after the market suffered rejection at the $532.00 barrier on the 6th of July 2021. The coin spent the next 14 trading days in a free fall. Price initially tried to stay afloat at $380.00, but the bearish pull eventually drew it lower on the 19th of July 2021. The fall in the price from $532.00 to $310.00 represents a 42% decrease in price.
Compound Major Levels
Resistance Levels: $460.00, $532.00, $595.00
Support Levels: $380.00, $310.00, $206.00
Bulls were immediately revitalized on reaching $310.00 support and the coin leaped up from there. The bullish impulse can be seen in the morning star candlestick pattern on display. A small green candlestick with a long wick is sandwiched between a tall red candle on the left and a tall green candle on the right. Compound leaps up using this formation to price above the $380.00 resistance.
As of the time of writing, the market is now pushing up from the $380.00 key level. The coin is being aided by the middle line of the Bollinger Band, which is situating itself below the daily candlesticks. At this juncture, the Parabolic SAR (Stop and Reverse) has displayed two dots below the daily candles, which is a confirmation that Compound is upward abounding.
Price Prospects
On the 4-hour chart, the market has bounced off the middle line of the Bollinger Band. Currently, there is a pullback in price and the Parabolic Stop and Reverse reflects this by aligning 4 dots above the 4-hour candlesticks. It is expected that the market will leap again from the middle line of the Bollinger Band to continue its bullish impulse.
Compound is anticipated to rise to the $460.00 key level.
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