Compound (COMPUSD) Remains Trapped in a Ranging Phrase
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Compound Analysis – The Market Remains Trapped Between Key Levels
Compound remains trapped in a ranging phase between key levels. The past month has seen increased volatility in the market, in which the price rose to test the resistance level at $180.00. However, the inability of the candlesticks to break out beyond the resistance has led to the market being subdued again.
Compound Key Levels
Resistance Levels: $180.00, $220.00
Support Levels: $60.00, $110.00
Since the bears drove the market to the $110.00 support level, buyers have erected a barricade, preventing further price declines. However, Compound has been unable to build further upward momentum. This has locked the market in a ranging movement with the $180.00 price level as the resistance level.
In addition, the impetus for Compound to rise or drop remains at a minimal level up until the 29th of March, 2022, when the market was injected with volatility. This made the market rise, as well as the RSI (Relative Strength Index) line, which rose into overbought before trending downward. The ATR indicator is also showing reduced market volatility.
Market Expectations
On the 4-hour chart, the price remains in sideways movement as the price cranks between the key levels. The RSI chart has its line systematically drop from the upper limit to the lower limit of the chart. The price volatility has gradually reduced. Compound will attempt to rise to the $180.00 resistance again to break through it.
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