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Compound price has increased by 14.15% today, and it seems as if price action in this market is already picking a new upside course. Even most of the signs on applied technical indicators are aligned with this opinion of more possible upside price corrections.
COMP Statistics
Compound Value Now: $71.49
COMP Market Cap: $553,680,481
Compound Circulating Supply: 7,787,890 COMP
COMP Total Supply: 10,000,000
Compound CoinMarketCap Ranking: 70
Major Price Levels:
Top: $71.50, $75.00, and $80.00
Base: $70.00, $65.00, and $60.00
Compound Regains Focus on the $80.00 Price Mark
On the Compound 24-hour market, price action has been retracing lower support levels, ever since it nearly hit the $80.00 mark. However, when it seemed that price action might sink into the price region between $61.50 and $50.00, a sharp upside correction occurred and price action ramped through the middle limit of the Bollinger Bands.
Likewise, the Relative Strength Index (RSI) lines also picked an instantaneous upside trajectory. Meanwhile, the MACD lines seem to be changing direction from a downward to a sideways direction. Also, the latest bar of this indicator suggests that downward momentum is subsiding. Consequently, this may give room for the upside correction to extend.
COMP May Extend Trading Towards the $80.00
Looking at the COMP 4-hour market, one will see that it appears that price action has entered another price region within the $70.00 to $80.00 mark. This token has started trading within this range since the just-concluded session on the 4-hour market. However, a red-price candle with a short body has just appeared on this market.
Also, the RSI indicator curves have now converged near the peak level of the RSI. By implication, this suggests that a considerable downward correction may occur. This seems contraindicative to MACD, as its lines keep trending upward. Additionally, since price action remains above the middle limit of the Bollinger Bands, traders can still hope that the upside correction may continue.
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