Compound (COMP) Sees Additional but Modest Gains

The Compound token has emerged as the second-best-performing cryptocurrency at the time of writing. Its price has increased by an additional 4.01%. However, despite this improvement, the market still trades below key technical landmarks. Can the market reclaim these levels and regain meaningful momentum? Let’s take a closer look below.

Compound Statistics:

Current Price: $22.48

Market Capitalization: $249.14M

Circulating Supply: 9.96M

Total Supply: 10B

CoinMarketCap Rank: 137

Key Levels

Resistance: $25, $26, $28

Support: $24, $23, $22

Compound Takes Baby Steps Toward Recovery

As noted above, the COMP/USDT market has continued along a path of modest price appreciation. However, the price candles from the most recent two sessions remain below the 9-day Exponential Moving Average (EMA).

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are rising from the oversold region. Together, these technical signals suggest the possibility of a continued upward retracement in the market.

The $25 Price Level Appears Solid in the COMP Market

Looking at price action on the 4-hour Compound chart, bearish pressure appears to be building. Although the latest candle is green, it features a noticeable upper shadow.

This formation suggests that selling pressure is already limiting further gains. This occurs despite price action remaining above the 9-day EMA.

Additionally, the SRSI indicator lines are positioned in the overbought region, with their terminal moving sideways near the 91 level. This behavior indicates waning bullish momentum and raises the likelihood of a pullback toward the $24 level in the near term.

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