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- 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
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
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
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
