COMP Technical Analysis – Expect Price to Fall Below the Level of $504.42
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COMP Technical Analysis – Expect Price to Fall Below the Level of $504.42

April 5, 2021      Ankita Awasthi

Compound is a robust blockchain technology-based platform for the development of smart contracts and decentralized applications. It is an ecosystem that allows users to upgrade the open-source protocol and collect COMP tokens as incentives. The Compound community can delegate, propose, and vote on all changes pertaining to the protocol. COMP technical analysis:

Past Performance

On March 29, 2021, COMP started trading at $362.52. As of April 4, 2021, the closing price of COMP was $548.13 Thus, in the past week, the COMP price has soared by approximately 51%. In the last 24 hours, COMP is trading between $489.87-$562.85.

COMP Price Analysis

https://www.tradingview.com/x/PDcgoyDI

Day-Ahead and Tomorrow

Currently, COMP is trading at $528.39. The price has fallen from the opening price of $548.44. Thus, the market looks bearish.

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The A/D line is upward sloping. Thus, whale accumulations are higher than whale distributions. Hence, buying pressures are high. We can expect the price to start rising soon as there is a positive divergence here.

The MACD and signal lines have just turned negative. A bearish crossover by the MACD line over the signal line has also occurred. Thus, the overall market momentum is bearish. Hence, we can expect the COMP price to dip further.

The RSI indicator is currently at 39%. The RSI faced rejection at 36% and started rallying. Thus, even though selling pressures are high, buying pressures are gradually mounting. As of now, we can expect the price to fall further. It may start rising in some time.

COMP Technical Analysis

The price has fallen below the Fibonacci pivot point of $533. As most of the indicators have given negative signals, we can expect the price to fall below the first support level of $504.42 soon.

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The price has tested and fallen below 38.2% FIB retracement level of $534.48. If by day end, the price tests and falls below the 76.4% FIB retracement level of $506.11, then the downtrend is strong. In that case, we can expect the price to downswing tomorrow as well.

#COMP #Compound
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.