Compound (COMPUSD) Show Buyers Resilience
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Market Analysis – The Bulls Are Seeking a Breakout
Compound show buyers resilience. Compound buyers have shown strong resilience as they refuse to pull out of their attempts to break out. Despite facing setbacks this week, the buyers remain determined. The bulls initially tried to breach the significant level of $61.990, but were met with resistance from sell traders, keeping the price in check. However, the buyers are actively seeking opportunities to launch more attacks in the market.
Compound Key Zones
Resistance Zones: $61.990, $69.030
Support Zones: $44.530, $$35.800
The Compound price has been lacking significant volatility for some time now. In December, the Bollinger Band indicated a lower compression before expanding slightly. Both buyers and sellers have been gradually taking turns in the market. The sellers pushed the price down to the significant zone of $44.530 earlier this month. However, the buyers managed to stage a comeback but failed to break through the market resistance.
Currently, the Bulls are putting in another effort to gain momentum. The Bollinger Band indicator shows a volatility trend, but buyers need to brace themselves for potential challenges. A breakthrough above the key level of $61.990 will confirm bullish actions in the crypto market. Traders should also keep an eye on the momentum indicator, as an increase in its pace signifies solid action and potential market movement.
Market Expectation
The short time frame also indicates bullish sentiment as buyers make another effort for a breakthrough. It is crucial for traders to closely monitor the market and look for signs of sustained momentum and a potential breakout.
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