- Compound price has been trading inside an ascending parallel channel over the daily price chart.
- COMP crypto has recovered above 20, 50, and 100-days Daily Moving Average.
- The pair of COMP/BTC is at 0.003337 BTC with an intraday drop of 0.11%.
Below a daily climbing parallel channel, the cost of compound has decreased. More buyers are required if COMP currency is to recover. Bulls in COMP must move to stop the token’s sharp drop. The COMP coin’s price cannot grow above $40.00 without evidence of support. Investors in COMPs need to keep a watch on the daily chart for any shifts in trend.
Compound’s market value grew by 1.13% from the previous day to $63.95. However, transaction volume has increased by 33.08%. This shows that buyers are making an effort to increase their own holdings in order to gauge the COMP coin’s level of recovery. Volume to market cap ratio is 0.1442.
The price of the COMP currency has fallen below the ascending parallel channel over the daily price chart. The coin needs to draw buyers in order to avoid a sharp decrease during the course of the daily price chart. However, when bears are around and more numerous than usual, there is a considerable volume change. This demonstrates how short sellers are continuously exerting pressure on the COMP cryptocurrency.
What do Technical Indicators suggest about COMP?
Over the course of the daily price chart, the price of the COMP currency has been varying inside a rising parallel channel. To exit the rising pattern, the token needs to move in the direction of the top trendline. Technical indicators show that the COMP currency is gaining momentum.
The rate of slope of the COMP currency is shown by the Relative Strength Index. At 63, the RSI is approaching overbought territory. The COMP currency is currently moving positively according to the MACD. After a positive crossover, the MACD line is higher than the signal line. Investors in COMPs should monitor the daily chart for any shifts in trend.
Conclusion
Below a daily climbing parallel channel, the cost of compound has decreased. More buyers are required if COMP currency is to recover. Bulls in COMP must move to stop the token’s sharp drop. The COMP coin’s price cannot grow above $40.00 without evidence of support. However, when bears are around and more numerous than usual, there is a considerable volume change. This demonstrates how short sellers are continuously exerting pressure on the COMP cryptocurrency. Technical indicators show that the COMP currency is gaining momentum. Investors in COMPs should monitor the daily chart for any shifts in trend.
Technical Levels
Support Levels: $60.00 and $55.00
Resistance Levels: $65.00 and $70.00
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.