Compound (COMP) Sails Towards the $50.00 Mark

Price action in the compound market has regained significant upward traction after consolidating for a while. As it stands, the market continues to near the $50.00 price mark and may even advance through it.

COMP Statistics:
Compound Value Now: $48.24
COMP Market Cap: $379,759,087
Compound Circulating Supply: 7,878,287
Compound Total Supply: 10,000,000
COMP CoinMarketCap Ranking: 81

Major Price Levels:
Top: $48.24, $50.00, and $51.50
Base: $48.00, $47.00, and $46.00

Compound Bulls Prepares to Deliver More Upside Thrust to Price Action

Trading activities in the Compound daily market have witnessed significant price increases today. Yet, technical indicators in this market still point to the possibility of experiencing even more increases. The ongoing session has seen price action rise through the uppermost band of the Bollinger Bands indicator following a contraction in the indicator.

Consequently, this has placed the market above the $48.00 mark. Meanwhile, the Relative Strength Index (RSI) indicator has delivered a bullish crossover above the level of 80. Consequently, the crossover on the RSI strongly hints that more price increases may be witnessed.

Price Action Begins, Facing Rejection above the $48.00 Mark

The significant price increase in the COMPUSDT seems to have drawn the attention of some traders who bought into the market during its consolidation period near a three-month low. This has caused the token to experience some rejection at this point. However, the previous gains have been so significant that the current incurred losses still appear overwhelmed by the previous gains. Furthermore, the RSI lines can be seen converging in the overbought region for a trend reversal move. Nevertheless, traders can still keep their target at the $50.00 mark, from a daily market perspective.

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