- Compound performed a positive momentum on Monday’s trading session
- Compound price is $345.86, which is up by 11.07% in last 24-hour time-frame and 43.38% up from the previous week
- COMP/BTC pair is negative with a loss of 4.52% in Monday’s trading session (0.009991)
Compound had positive momentum on the weekly chart, and it went up to $374.41 on February 01, 2021, while breaking above the resistance zones created in the past. COMP price set a mark of a 52-week high. Meanwhile, the trading volume of $437,066,583.65 in the last 24-hour time-frame represents a decreasing value of 7.23%. The COMP/ETH pair is in an uptrend with a value of (0.2590) which is down by 2.12% in Monday’s trading session.
Compound Technical Chart Indicates A Positive Momentum
The technical chart of Compound highlights a positive trend. In contrast, COMP price is at $345.86. According to pivot points, the key support level for COMP is placed at $236.34. If it moves up, the key resistance level to watch is $370.36. While Diving into the weekly chart of a 15-minute time frame, it completes a bullish engulfing candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.
Volume indicator with the value (4.565K) reflects a selling volume in coin. Investors can further expect a decrease in selling volume in the upcoming trading sessions.
SMA-200, price is at $235.32, which acts as another strong support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin for the upcoming trading session.
MACD (Bullish): bullish crossover signal line was spotted on February 01, 2021, during the trading session it indicated a buy signal in the coin. Also, it denotes the ending of green bars on Histogram.
Meanwhile, the RSI (Bullish): with a value of 66.93 indicates a buy signal in the coin. It may move towards the neutral territory if further selling increases in upcoming trading sessions.
Conclusion
Compound price is up by 11.% on Monday’s trading session. The price is above the SMA and has hit the resistance level of $370.36 and now is on a short term recovery mode. Investors can watch the price move below the resistance level. All technical indicators suggest a buy signal in the coin for the upcoming trading session.
Resistance: $370.36
Support: $236.34
