Compound Price Analysis: COMP Price Is Under Bear’s Grip

Compund (COMP) price is ready for a correction
  • COMP price plunged from $445.50 to $431.85 on Friday’s trading session
  • The 24-hour volume in Compound is at $138,021,525 with a 8.69% increase
  • The COMP/BTC pair was trading at 0.007383 BTC with a loss of 1.85%

The 4-hour technical chart of Compound (COMP) price projects a downtrend. According to pivot points, COMP’s critical support level is placed at $420.52. Whereas if it moves up, the key resistance level to watch is $465.38. While diving into the weekly chart of a 4-hour time-frame, it completes a spinning top candlestick pattern.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) intersects below the SMA-50 (white), which projects a bearish trend. The price is also below SMA-100 (red). Investors may perceive a negative crossover in the SMA, and the price will also follow the negative trend.

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RSI indicator (BULLISH), with a value of 48.60, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 56 to 48 in the index, and it may plunge more in future trading sessions.

Bearish Trend Confirmed In COMP price

COMP price traded at $431.85 with a gain of 2.37% in the last 24-hour. Furthermore, COMP price plunged from the resistance of $445.50. In contrast, the market capitalization stands at $2.024 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the price movement can be towards the support of $420.52.

Resistance: $465.38

Support: $420.52

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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