- 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
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.
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.
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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