Compound Price Forming a Double Top on the Daily Chart, Could Cross the $1000 Level

COMP bulls may take it to higher levels
  • Compound price is forming a double top on the daily chart. In Contrast, it sees a gain of 2.44% in the intraday session. 
  • Technical Indicators suggest that COMP price may continue its uptrend. Meanwhile, COMP/BTC pair is trailing with a gain of 9.17%.

COMP price has seen a gain of 1.70% in the intraday session while trailing at $807. Compound price can encounter resistance while going upwards at $900. Meanwhile, a bounceback on the downside can be seen from $700. The price is trading above 50 and 100 Days Moving Average. The 50MA (RED) line is at $563, making it support for the coin. The price is hinting at an upcoming bullish momentum for $1000.COMP/BTC pair is also seeing a solid bullish move due to the downfall in BTC price.

COMP is ranked 44 in the Cornmarket cap with a market capitalization of $$8,041,625,536.The coin volume went up by 140% in the intraday session, while the volume to market capitalization ratio stood at 0.116. A jump in the ratio above 0.8 can push the price higher.

Technical Indicators Showcases A Bullish Momentum For The COMP Price 

Source: Trading view
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COMP price highlights a weak consolidated momentum on the weekly technical chart, which went up by 7.5% in the weekly chart. The daily chart of COMP showcases a weak bullish momentum for upcoming days. On the daily technical chart, the coin has formed a double top pattern in a semi-circular arc. If the price goes above the $850 mark, then a rally up to $1200 can be seen. The price may see a small correction up to $750 before the big rally. COMP/BTC pair may also see a continuation in the uptrend for upcoming days.

The volume indicator is at 29.9K, highlighting a small buying pressure. If the price goes above $900, then a strong buying volume can be observed.

RSI (Neutral): It is currently at 64.25, highlighting its presence in the neutral zone. There is a small positive slope formation in the RSI, suggesting the price may see an uptrend in upcoming days. The overall sentiment of the RSI is Neutral.

Conclusion

COMP price has seen more than 230% gain in 3 months. COMP/BTC pair is performing positively and can continue this trend.  

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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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