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- 1 COMP token price reflects neutrality and has slipped to the 100 day EMA mark.
- 2 Bulls are struggling to hold gains and look trapped.
The Compound token price directs profit booking and gave up the gains over the past few sessions. The price action showcased lower low structure and that the token faced a sharp rejection from the $100 mark last month, resulting in a loss of over 30% of gains in the past two weeks. However, the token regressed to its make or break trendline support zone, close to $70, from where a rebound is anticipated.
At press time, the Compound token (COMP) price was trading at $73.96 with an intraday gain of 3.20%, reflecting a pullback on the charts. It has a monthly return ratio of -17.56% and 73.90% on a yearly basis. The pair of COMP/BTC is at 0.00107 BTC, and the market cap is $596.70 Million. Analysts are neutral and suggest that the COMP token price may settle the gains and will deliver a pullback ahead.
COMP Price Volume Profile On Daily Time Frame
The above data shows the price to volume profile of the Compound token, revealing a mild profit booking in the last sessions. The trend is neutral and the token faced a reversal from the $100 mark, resulting in a 26% drop in gains in the past two weeks. The intraday trading volume remained average, noting a drop of over 7.82% to $15.84 Million.
Price Volatility and Weighted Sentiment Outlook
Following the price retracement, the volatility remained on and regressed to 0.052, reflecting a negative outlook. However, the weighted sentiment data remained close to the midline, noted at around -0.099.
Social Dominance & X Followers Data Insights
The Social Dominance data displays a spike from 3.89% to 0.144%, signifying a neutral outlook. However, the X followers data reflects a severe decline of over 230% to -113.
Development Activity and Open Interest Data Overview
Per the Sentiment data, the development activity delivered a consistent rise, noted at around 4.36, signifying a positive outlook. However, the derivative data signifies a long buildup activity and the open interest data surged over 1.87% to $27.80 Million.
Per the Fib levels, the COMP coin price has retested the 38.2% zone and is trading near the trendline support zone of $70. The RSI curve stayed close to the midline and a convergence with the RSI line and signal line was noted, suggesting a positive crossover and a rebound can be seen ahead.
The total supply of the COMP token is 10 million, whereas the volume-to-market cap ratio is 0.0265, and it stands at 153 per the market cap in the global crypto market.
Summary
The Compound token price has reached its crucial support zone of $70 and is awaiting a rebound shortly. Amidst the market reversal, the token is sustaining gains and remained above the midline. The technical indicators are showcasing a neutral trend and a possible bounce can be seen soon.
Technical Levels
Support Levels: $70 and $58
Resistance Levels: $80 and $100
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
