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- The compound price is trying to surge towards the upper level through a rising parallel channel over the daily price chart.
- COMP crypto is trading above 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.
- The pair of COMP/BTC is at 0.002971 BTC with an intraday gain of 6.53%.
The cost of Compound has decreased below a daily ascending parallel channel. If COMP currency is to rebound, it needs to draw in more buyers. COMP bulls must take action to halt the token’s precipitous decline. There must be proven support for the COMP coin’s price to continue to rise above $40.00. For any changes in trend, COMP investors must keep an eye on the daily chart.
Currently valued at $59.46, Compound increased 4.83% of its market value in the previous day. Despite this, trade volume has grown by 34.85%. This demonstrates that buyers are attempting to grow their own holdings in order to track the COMP coin’s recovery stage. The volume to market cap ratio is 0.2076.
Over the daily price chart, the price of the COMP currency has slipped below the ascending parallel channel. To prevent a dramatic decline throughout the daily price chart, the coin has to attract buyers. However, a volume shift is noticeable when bears are around and more numerous than usual. This shows that pressure is continually being applied to the COMP cryptocurrency by short sellers.
What do Technical Indicators suggest about COMP?
The price of the COMP currency has been fluctuating inside a rising parallel channel over the duration of the daily price chart. The token must move in the direction of the top trendline to break out of the rising pattern. Technical indicators reflect the increasing momentum of the COMP coin.
The Relative Strength Index shows the COMP currency’s rate of decline. The RSI is practically neutral at 55. The MACD is currently showing positive movement for the COMP currency. The MACD line is above the signal line following a positive crossover. COMP investors should keep an eye on the daily chart for any changes in trends.
Conclusion
The cost of Compound has decreased below a daily ascending parallel channel. If COMP currency is to rebound, it needs to draw in more buyers. COMP bulls must take action to halt the token’s precipitous decline. There must be proven support for the COMP coin’s price to continue to rise above $40.00. However, a volume shift is noticeable when bears are around and more numerous than usual. Technical indicators reflect the increasing momentum of the COMP coin.
The MACD line is above the signal line following a positive crossover. COMP investors should keep an eye on the daily chart for any changes in trends.
Technical Levels
Support Levels: $50.00 and $45.00
Resistance Levels: $60.00 and $65.00
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
