Compound (COMPUSD) Traders Await Breakout
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Market Analysis – Low Liquidity Persists
The crypto market has continued to experience low liquidity this week, with Compound remaining in a state of consolidation. It has been over a month, and both buyers and sellers are still searching for direction. Although the buyers started the week on a positive note, the gains have been limited due to the lack of liquidity.
Compound (COMPUSD) Market Levels
Resistance Levels: $80.000, $59.00
Support Levels: $34.400, $24.670
The last time Compound witnessed significant price action was back in June, when the bulls initiated a strong rally from the $24.670 level. This rally propelled the price to reach the highest level of the year, reaching $80.000. However, the bulls eventually exhausted their momentum, and the sellers took control, pushing the price down to the $34.400 level.
Since August, liquidity in the crypto asset has been gradually dwindling, despite the buyers managing to sustain some upward movement. Currently, price consolidation is occurring within the key levels of $59.000 and $46.000. Traders are eagerly awaiting a breakout from either the buyers or the sellers.
Although the pace of the buyers appears to be growing, there is still uncertainty as to when a breakout will occur. The stochastic oscillator indicates that the buyers are currently dominating the compound price. This provides some optimism for traders looking for a potential breakout before the year 2023 comes to an end.
Market Expectation
As the year comes to a close, market participants will closely monitor the price action of the compound. Traders should also look to analyze any potential catalysts that could trigger a breakout.
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