Compound Price continues to decline; Investors eyes on yearly low

• Compound Price Prediction is mildly bearish till it trades below $45.00.
• COMP Price corrected 30% approx from the recent swing high at $47.00
• Compound Crypto price continues to decline and is approaching a 52 week low.

Compound Price Prediction is mildly bearish till price is trading below $45.00 level. Comp Token continues to decline by forming lower lows and is likely to test the yearly low in a few weeks. 

COMP Price corrected 30% approx from the recent swing high at $47.00 and eroded the majority portion of the gains generated in 2023. From the past few months, Compound Price is consolidating in the narrow range between $36.00 to $46.00. 

It showed signs of long term base formation and created a hope for the upward range expansion. However, recently the prices dropped below the lower range which hurted the sentiment of investors. 

Compound Price is continuously trading below the 50 day and 200 day EMA showcase downtrend and sellers dominance on the higher levels. If any short term up-move triggers then both the EMA will act as strong hurdle for bullish traders. 

Compound Price is trading at $34.86 with an intraday rise of 1.51%. The 24 hour volume to market cap ratio at 0.047. The pair of COMP/BTC is trading at 0.001304 with an intraday rise of 1.32%. 

The chart pattern of COMP with the Bitcoin pair is highly bearish and has already broken down the yearly lows. It indicates sellers are active in both pairs and continuing the dominance.

Add Compound Price into watchlist  

Compound Price has not performed well in the past few months and disappointed the expectations of long term investors. At the beginning of 2023, COMP Price breakout of $50 hurdle with a strong momentum. 

It consolidated for a few weeks near the supply zone and tried to hold the $50.00 support. Sadly, buyers failed to hold the higher levels and slowly prices declined and returned back to the breakout level. 

Presently, the price is near to the demand zone and buyers will try their best to rebound. If buyers defend $29.00 support and buying volume increases, it might be signs of the end of correction. 

However, confirmation of the end of correction will come when the price breakout of $47.00 hurdle. Till then any short term up-move will face difficulty to sustain on higher levels.

COMP Price formed Doji candle on weekly time frame

COMP Price is forming a Doji candle on a weekly time frame indicates sellers are losing the grip and lacking downside momentum. Price has fallen for five straight weeks and now forming Doji shows signs of trend reversal but the confirmation is still awaited. 

The MACD has generated a positive crossover but the curve is still below zero line. It indicates mild bullishness and prices might give pullback to test the 50 day EMA. The RSI at 40 sloping upward denotes strength and buyers are returning back to track.

Conclusion

Compound price down by 15% on a monthly basis and continues to decline by forming lower low swings. However, the price is near the yearly low and buyers will try the best to rebound from lows. Technical analysis suggests, Correction in COMP token might take halt near the lows and short term bounce is possible. 

Technical levels

Resistance levels: $46.00 and $60.00

Support levels: $29.00 and $26.00

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.