spot_img
spot_img
spot_img
spot_img
ThecoinrepublicCryptocurrencyCOMP Witnessed Bearishness; Can Selloff Extend Below...
google-news-img

Trending

Hamster

Hamster

notco

Notcoin

mogutou

Mogutou

immersion
spot_img

COMP Witnessed Bearishness; Can Selloff Extend Below $50 Mark?

The COMP token (Compound) price signifies selling pressure and has breached its crucial support zone of $60 in the last sessions. Afterward, the bears continued to put pressure and breached the 200-day EMA mark aggressively. Amidst the selling pressure, the coin price is still trading above the round mark of $50, and investors are looking for a rebound to square off their positions ahead.

At press time, the Compound token (COMP) price traded at $53.27 with an intraday drop of 7.22%, reflecting neutrality on the charts. It has a monthly return ratio of -40.24% and 18.90% on a yearly basis. The pair of COMP/BTC is at 0.000826 BTC, and the market cap is $430.20 Million. Analysts are neutral and suggest that the COMP token may retest the 200-day EMA and will replicate a bounce soon.

COMP Price Volume Profile On Daily TimeFrame

The COMP price-to-volume profile signifies bearish momentum; the token is heading toward the $50 mark. Moreover, the token has breached the 200-day EMA mark, and sellers are showcasing their dominance for the past sessions. The token delivered lower low swings and signified a trend reversal on the charts. The intraday trading volume witnessed a spike of over 12.78% to $60.30 million.

Price Volatility Bounced Sharply, Sentiment Looks Neutral 

Followed by the price down move of over 26% this week, the price volatility data revealed a spike of over 87.90% to the 0.06 mark. However, the weighted sentiment value remained below the midline, at around -0.161.

Social Dominance and Twitter Followers Outlook

Per the Santiment data, the social dominance data revealed an up move and spiked over 78.87% to 0.125%, witnessing a bounce on the charts. However, the Twitter followers witnessed a down move and dropped to -25.

Development Activity and Open Interest Analysis

Per the Santiment data, the development data witnessed positive development data and spiked over 13.90% to the 4.5 mark. However, the open interest data witnessed a long unwinding activity, and the value dropped over 1.24% to $16.95 million.

Per the Fib levels, the COMP price has breached the 23.6% zone and has entered the bearish zone. Moreover, the RSI curve slipped to the oversold region, depicted as a bearish crossover on the charts.

The total supply of the COMP token is 10 Million, whereas the volume-to-market cap ratio is 0.139, and it ranked 157 in terms of market cap in the global crypto market.

Summary

The COMP token price has reached a bearish trajectory and depicts seller dominance on the charts. Moreover, the token is trading below the key moving averages, and buyers are trapped in the past sessions.

Technical Levels

Support Levels: $50 and $45

Resistance Levels: $55 and 460

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. 

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
spot_img
spot_img

Related News

Memecoins
Kelvin Munene

Memecoins React: Biden’s Exit Triggers Massive Market Shifts

Worldcoin
Kelvin Munene
Crypto
Kelvin Munene
Hong Kong Crypto Exchange
Maxwell Mutuma

Hong Kong Identifies 7 Crypto Exchanges as Unlicensed

Binance CEO The Coin Republic
Kelvin Munene
Gary Gensler US SEC
Maxwell Mutuma

Can Gary Gensler Be Fired On This Congressman’s Request?

spot_img