Compound Price Analysis: COMP Price Is In Doubt About The Trend

COMP Price Looking for the new low
  • Compound coin price is trailing in a consolidated move with a gain of 2.34% today and is ready for the breakout above the accumulation zone
  • Technical Indicators highlights a bearish move for Compound.Meanwhile COMP/BTC pair is trailing at the value of 0.008954 BTC
Source:Trading view

Compound coin price is at the level of $485.16 with a gain of 3.4% in a day. The price of COMP can encounter resistance while going upside at the value of $540. The bounceback for  can be seen from the level of $378.COMP price is above 50 and 100 Days Moving Average.The 50MA (RED) line is at the level of $404, making it temporary support for the price.The price is currently in a consolidated move and is assumed to give a positive breakout.If the price crosses below 50 and 100 MA, it would be difficult for it to recover positively.

COMP is currently ranked at 42, with a market capitalization of $2,264,580,676 .The coin volume went up by 17.77% and is at the value of $217,298,825.

Technical Indicators Hints A Bearish Move 

Source:Trading view
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The weekly technical chart of COMP highlights a bearish move for the coin. Compound coin price has also seen a gain of 8% on the weekly time frame.The daily chart of COMP highlights a consolidated move for the next few trading sessions. On coming to the shorter time frame of 4 hours, the coin has formed a (ABCD) quadrilateral pattern .If the price breaks above 6% of the quadrilateral than a big rally can be seen in upcoming trading sessions.COMP price can also see a new low if it comes below the pattern.One can see a gain of 10% in the next few days.

The volume indicator is at 2.09K showcasing the selling pressure. If the price climbs above $540, then a strong buying volume can be seen.

RSI(Neutral): It is currently at the level of 59.7, showcasing its presence in the overbought zone. There is a small positive slope formation in the RSI, suggesting the price may see the uptrend.The overall sentiment of the RSI is Neutral.

CONCLUSION

Compound coin price has seen a gain of more than 230% from the start of the year. The COMP/BTC pair is performing negative with a loss of 3.56%. An Investor should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$540

Major Support:$348

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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