Compound (COMPUSD) Price Clings to A Consolidation Atmosphere
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Market Analysis – Traders Struggle to Make a Breakthrough
COMPUSD price clings to a consolidation atmosphere as traders struggle to make a breakthrough. Even after entering the new month, the crypto price has yet to make a significant difference. The market flow has been very quiet for weeks, with COMPUSD consolidating around the $54.000 significant level.
COMPOUND Key Levels
Resistance Levels: $68.620, $59.860
Support Levels: $35.220, $24.810
In January, the price experienced a dive that penetrated down to the key level of $45.460. However, the bulls managed to initiate a pullback that lasted until the significant level of $59.860. Since then, the crypto price has entered a consolidation phase that has been ongoing for weeks. The buyers ended the week to make gains, but traders are still waiting for a major movement to be observed in the compound price.
The Stochastic Oscillator and the Moving Average (MA) crossing indicator are not providing a clear direction at the moment. A clearer trend from each of these indicators would confirm the presence of volatility in the market. Traders looking for profit can utilize the best forex signals to navigate through the market and take advantage of potential opportunities.
Market Expectation
On the 4-hour chart, the price of COMPUSD is also in a consolidation atmosphere as traders struggle to make a breakthrough. Traders are still waiting for a major movement in the compound price. The Stochastic Oscillator and MA crossing indicator do not provide a clear direction.
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