Compound Price Shrinks as Buyers Fight for a Way Out
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Market Analysis – Compound Price Appears Quiet
Compound price shrinks as buyers fight for a way out of the current market conditions. This week, the crypto price has been running on low momentum, with a continuous decline in price over the past few weeks. Unlike the beginning of the year, when the bears showed a reasonable flow, the market has been struggling to find a solid pace.
COMPOUND Key Levels
Resistance Levels: $79.730, $69.240
Support Levels: $44.290, $34.840
In December, the compound market experienced a breakout after being compelled inside the Bollinger Band indicator. This indicator indicates low volatility. The buyers found an opportunity and propelled the price to a significant level of $69.240. However, as the new year began, the crypto market took a U-turn and started with a bearish dive. Since then, the compound price has struggled to maintain a solid pace.
Currently, the Bollinger Band indicator remains quiet, signifying the possibility of a breakthrough soon. The buyers are eagerly waiting for a breakthrough that could potentially push the price beyond the $59.860 market level. The Relative Volatility Index (RVI) indicates that the price strength remains in favor of the buyers. However, it further supports the possibility of a breakthrough that could pave the way for a sustained upward run.
Market Expectation
In the short time frame, accumulation is still present, indicating a potential breakout. Traders should closely watch for a breakthrough using the best forex signals. These signals can provide valuable insights into the market and help traders identify the best spots to target their entry and exit points.
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