Compound (COMPUSD) Positions Itself for More Upside Movement.
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Market Analysis – COMPUSD Adjusts to Bullish Positions to Move Itself Up
COMPUSD positions itself for upward movement after breaking out of a descending channel. Price first started sliding down a descending channel on the 4th of June 2021 after finding the $460.00 resistance level unpatronizing. The coin dipped till it touched down at $206.00, at which point buyers rallied to push it back up. The market successfully bypassed all barriers to reach a new high at the $532.00 key level.
COMPUSD Key levels
Resistance Level: $460.00, $532.00, $595.00
Support Levels: $380.00, $310.00, $206.00
The market failed to make it beyond the $532.00 resistance and started a decline again down another descending channel. Price slid down through the channel till it got to the $310.00 support, at which point price jumped out again. In doing this, the coin formed a new higher low. Currently, COMPUSD has remained at the $380.00 support and is preparing itself for another upward movement.
The quick ascension in price from $310.00 to $380.00 has made the MACD (Moving Average Convergence Divergence) keep its signal line above the zero level. Its hitherto bearish histogram bars are also decreasing. These are indications that price will push up from this level. This sentiment is also shown by the MA period 20 (Moving Average), which is moving below the daily candles to push it up.
Market Prospects
The $380.00 support is doing a good job of keeping price afloat. It positions the market for a bullish movement. The coin is expected to take off on or before it reaches the ascending line. The MA 20 on the 4-hour chart, in agreement with that of the daily chart, is moving below the candles to help it push up. The MACD already displays increasing bullish histogram bars, and the signal lines are moving upwards. The market is moving up.
COMPUSD will be looking to achieve a new higher high at $595.00, which will mean first getting past $532.00.
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