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- The price is struggling for an uptrend movement as the bears are not ready to loosen the grip over the market.
- The crypto asset has approached the 20 and 50 days moving average.
- The COMP/BTC pair is at 0.002537 BTC with a gain of 5.22% in it.
Compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.
The COMP price after a recovery is now trapped between the bulls and bears to get a directional move over the daily price chart. The bulls accumulated and tried to pump the price but as expected the bears are interrupting and now fighting for dominance. The bears have started pushing the price still the volume is at a gain of 56 %. But the coin needs its bulls to make an upward trend as the price has already moved very low. The selling volume has abruptly increased in just 24 hrs.
The current price for one COMP token is trading at $52.68 with a mere gain of 0.56% in its market capitalization in the last 24 hrs. The token has a trading volume of 198 million with a gain of 56.91% in the 24 hrs trading session, and has a market cap of 377 million. The volume market cap ratio is 0.5288.
What do Technical Indicators Suggest
The technical indicators are indicating the bulls are accumulating to rescue the token.
The MACD indicator shows the buyers are activating and now the gap between the sellers signal line and the buyers line is increasing again along with the histograms growing green.
The relative strength index is yet moving towards the downward region, which shows the manipulative behavior of technical indicators. The RSI value is nearly equal to 55.
The indicators are superficially in favor of bulls as the selling volume has started declining and the price made a cross over the upper band of the bollinger band cloud.
So this may be a good opportunity for the ones who were looking to enter the market.
Conclusion
The COMP price after a recovery is now trapped between the bulls and bears to get a directional move over the daily price chart.The bears have started pushing the price still the volume is at a gain of 56 %. The technical indicators appear a bit manipulative but overall support the bulls. This can be a good opportunity to enter the market.
Technical levels
Resistance levels: $61.5 and $70
Support levels: $46.5 and $32.6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
