After three consecutive trading sessions of gaining in the markets, today’s trading session shows Compound Crypto price struggling in the market. Its prices have plunged by 4 per cent, and the bearish trend is looking likely to continue throughout the session.
However, despite the price action of the four trading sessions, the Compound Crypto price history for the past few weeks has been aggressively bullish. This month, the prices are up by 16 per cent. The month of June started, the compound crypto has also been in an aggressive bullish push and has traded within an ascending channel. The more than three months bullish push has seen Compound Crypto’s value increase by 109 per cent.
Unlike other cryptocurrencies, there have been times when Compound Crypto has traded against the general trend of the cryptocurrency industry. This month, for instance, has been very rough for almost all other cryptocurrency projects, which has seen the industry’s market capitalization falling under $1 trillion. However, despite the bearish general trend, Compound Crypto has continued to gain in the markets.
The chart below clearly shows that the long-term trend of the Compound Crypto price has been bullish. Therefore, despite today’s price drop in the market, I expect it to recover in the next few trading sessions.
There is a high likelihood we might see prices trading above the $69 resistance level as Compound price moves to retest the upper trend line of the ascending channel. A possible trade above $80 is also a possibility. My analysis will be invalidated by prices falling and trading below $50.
This post was last modified on %s = human-readable time difference 15:45