Compound (COMPUSD) Bulls Could Drift Out of Consolidation
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Market Analysis – Buyers Look Forward to Breakthrough
Compound (COMPUSD) bulls could drift out of consolidation. Throughout the year, the Compound has experienced significant price volatility. However, in recent months, the situation has reversed, and the market has entered an equilibrium phase. The attention of buyers has increased, indicating a potential revival in the market. If buyers continue to increase their momentum, there could be a breakout.
Compound Key levels
Resistance Levels: $78.420, $60.080
Support Levels: $34.460, $24.650
Both buyers and sellers have had a significant impact on the market this year. In June, buyers demonstrated a strong surge, pushing the price from the significant level of $24.670 up to the market level of $78.420. However, the market eventually subscribed to a bearish sentiment, and sellers pulled the price down to a significant level of $34.860.
During the last quarter of the year, the market has experienced low volatility and has been in a consolidation phase. The compound has been trading within the key levels of $60.080 and $45.560 for weeks. The emergence of interested buyers could potentially lead to a breakout as momentum increases. However, it is important to note that the momentum indicator has not shown a significant acceleration yet.
Market Expectation
The Relative Strength Index (RSI) is on the rise, indicating some strengthening on the part of buyers. However, buyers have not yet demonstrated strong resolve. The compound’s price needs a breakout, and buyers are projecting forward toward that possibility. If there is a positive inclination in the market, it could pave the way for a potential breakout in the compound price.
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