Compound (COMPUSD) Remains in the Ascendency
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Compound Analysis – Price Remains on a Recovery Mission Above $180
Compound remains in the ascendency as it embarks on a recovery mission above the $180 significant support level. The crash in the market finally reached $180 on the 10th of December and has thus far been halted again at the support. What follows next is an accumulation at this level that spanned two weeks. The outcome is that Compound has now pushed up above the next level at $220. Currently, the price remains in this ascendency.
Compound Key Levels:
Resistance Levels: $370, $300
Support Levels: $180, $220
The market’s buyers first tried to cushion the market’s fall at the $300 price level. The coin dropped to this level on the 21st of September. COMPUSD remains at this level for the next two months as buyers and sellers battle it out for who will dominate the coin. Incidentally, bulls began to have the upper hand, but they were strong enough to break the $370 resistance. A drop from here ceded control to the sellers, who were more than prepared, and COMP eventually dropped to below $300.
An attempt by the bulls to resuscitate the price above $250 was marred by further resistance below $300. This led to the market currently being above $180. The coin is now recovering above this level and has successfully breached $220. Price is currently ascending, confirmed by the fact that the Moving Averages periods 9 and 21 have indicated a cross upward. The Moving Average Convergence Divergence is displaying increasing bullish bars, showing bullish recovery.
Market Prospect
Compound remains in its recovery phase in the short term. However, the coin now has the next task of breaking through the $250 level to maintain ascendency. There is now an accumulation above $220 to do this, and the buyers can be backed to make it through. The indicators continue to support the price increase. The MACD lines have risen above the zero level, but price is now stalling before it climbs higher.
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