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- 1 Compound price surges 13% in a single day and formed a bullish engulfing candle.
- 2 COMP price bounced back by taking support at the 50-day EMA.
- 3 Compound price sustained above the 50-day and 200-day EMA showcases an uptrend.
Compound price surges 13% in a single day and formed a bullish engulfing pattern. It bounced back by taking support near $60.00 indicating bulls are active at support levels.
COMP price sustained above the 50-day and 200-day EMA showcase uptrend. Previously, it displayed a golden crossover which further boosted the confidence of investors.
At the end of June, the Compound price broke out of the $40.00 hurdle level which triggered the positive sentiment. Later, prices began to rise upward by forming higher high candles and rallied 130% approx in a short span of time.
The momentum halted near $85.00 and formed a long-tail bearish candle. COMP prices witnessed profit booking and corrected 28% approx from the higher levels. Recently, the correction took a halt near to $60.00 buyers succeeded to push the price higher again.
The Compound price is trading at $70.34 with an intraday rise of 13.01%. The 24-hour volume to market cap is 34.56%. The pair of COMP/BTC is trading at 0.002422 with an intraday rise of 13.47%.
Will Compound Price continue the recovery?
Compound price prediction is bullish and suggests a rise in the long run. The support levels are shifting higher which showcases the dominance of bulls. The buyers seem to be aggressive as compared to the sellers.
Till COMP crypto sustains above $50.00 the prices are expected to remain in bulls grip. If the recovery continues and buyers succeed to break out of the $85.00 hurdle then the next phase of the rally might trigger.
On the other hand, if the price drops below $50.00 then the short-term trend will reverse in a downward direction.
COMP Price Analysis on the weekly time frame
COMP price formed a bullish hammer candle on the weekly time frame. It shows that bulls are returning to track. The Compound price is bullish on the multiple time frame which increases the confidence of long-term investors.
The MACD displayed a negative crossover but the curve is reversing upward indicating bears are losing their grip. The RSI at 58 sloping upward denotes strength and more room for upside is open.
Conclusion
Compound Price surges 13% in a single day and positive momentum is still intact. The technical analysis suggests, If COMP crypto breaks out of the $85.00 hurdle then the next phase of the rally might trigger.
Technical levels
- Resistance levels: $85.00 and $100.00
- Support levels: $60.00 and $50.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish 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.
