Compound (COMPUSD) Bulls Hang on as Sellers Push Lower
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Market Analysis – Bullish Strength Pauses and Accumulate
Compound bulls hang on as sellers push lower. Compound has seen its price appreciate over this week, inching closer to the significant level of $100.000. However, despite the market strength trading above the $88.170 price level, the momentum has come to a halt as sellers push the price lower.
COMPOUND Key Levels
Resistance Levels: $100.000, $88.170
Support Levels: $68.240, $44.500
The current pause in the price of the compound has been holding for several days now. This period of consolidation has led to more accumulation above the 88.170 price level. It is worth noting that Compound has struggled to pick up momentum for quite some time. Since the beginning of this year, buyers have found it challenging to push past several key levels.
However, a breakthrough occurred when buyers managed to pull the price above the significant level of $68.240. This breakthrough sparked a renewed sense of optimism among buyers, who began building more pressure to push the price forward.
Market Expectation
Despite the buyers’ efforts, the Compound finds itself stuck at the $100,000 key level. However, this does not mean that buyers have lost their touch. The Moving Average crossing is still widely spread, indicating that there is potential for a breakout once the buyers regain their strength. Traders must keep a close eye on the Relative Strength Index (RSI), as it indicates a reversal for the bullish market. By utilizing the best forex indicator, traders will be able to gain valuable insights and navigate the market more effectively.
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