Compound Gains Around 23.00% From Past Week Charting A Positive Breakout

  • Compound has made significant price recovery action from the past week after facing a negative breakout below $100.00
  • However, the COMP/BTC pair has turned negative, facing an overall loss of -2.34%, bringing the current level to 0.00727923 BTC
  • The COMP/ETH pair is also performing negative with a loss of -1.32%, bringing the current level to 0.26413301 ETH
comp1
Source: Tradingview

On the monthly chart, Compound price levels have formed a falling wedge pattern facing a significant downtrend resulting in a negative breakout below the crucial mark of $100.00. Meanwhile, the crypto asset provided a positive bounce back from the starting of the month and might be headed for a significant price recovery action from here. However, it should be noted that the current price levels are heading towards its first target and the resistance mark of $131.00. It will be suggested that one should wait to seek the crypto asset’s price behavior once it reaches the target. A positive breakout from the target can be the confirmation of an upcoming positive trend. The possible targets in which the crypto asset achieves the optimistic trend scenario can be around $185.00 and $220.00, respectively. 

comp2
Source: Tradingview

EMA-20 is getting closer to have a positive crossover against EMA-50, which can be a positive signal if the crossover happened. This will help the daily moving average to gain bullish levels and the support line to have a bullish nature at the same time. 

comp3
Source: Tradingview
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The moving average convergence & divergence (MACD) has started to show strength in the levels with a bullish crossover, which is expected to provide more positive momentum to the price levels. 

The relative strength index (RSI) has also started to show significant positive momentum after avoiding a negative dip towards the oversold region and currently targeting the overbought territory with the level of 65.57. 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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