Potential big move for Compound

30 Apr 2021

We have been going sideways for a while, basically since early February. Earlier breakouts failed, thanks to Bitcoin crashing and taking most altcoins with it. We broke out on the 26th of April again, and seem to hold this time around. We have been forming a bullish pennant over the past 4 days. A break to the upside would give a short term target of $730 and a mid-term target of $980. A break to the downside would most likely see us go back to the $570 range, unless the support of $597 holds. A retest of our trendline might even be a possibility, although I do not expect a large drop in case we break down, because of the current state of the altcoin market is bullish.