Compound (COMP) and Synthetix (SNX) Technical Analysis: A Bull Revival?

Dalmas  |  Oct 26, 2021

Compound and Synthetix bulls firm reading from their respective performances in the daily chart. COMP is trending above $330—a former resistance line, while SNX has support at $9.

Compound (COMP)

The lending and borrowing protocol on Ethereum is one of the most popular using COMP for governance.

Past Performance of COMP

The Compound token is back in green as of writing, in a bullish breakout pattern as per the COMP technical analysis of the daily chart.

Bulls appear to be in control, judging from the candlestick arrangement, spurred by the revival of COMP crypto buyers.

Day-Ahead and What to Expect

The Compound crypto is within a bullish breakout pattern.

As per the COMP/USDT price action, the coin is now above $330 and the middle BB. Accordingly, the COMP token may rise to $380, $450, and even $530 in the medium term.

However, if sellers come on top, COMP coin prices may slump below the support trend line to $280 and even $200 in the days ahead.

Compound Technical Analysis

Compound Daily Price Chart for October 26

Technically, COMP buyers are in control.

The middle BB and $330 are the immediate liquidation that has been satisfactorily closed for buy trend continuation towards $380 and better in the medium term.

Even still, losses below the wedge and the $300 psychological level may trigger a sell-off towards $280 and $200 in COMP.

Synthetix (SNX)

The derivatives trading and synths platform depend on SNX to function on Ethereum.

Past Performance of SNX

The Synthetix token is stable, as per reading from price action in the daily chart. SNX crypto prices are moving in a tight trading range with support at around $9.

On the upside, the middle BB—the dynamic 20-day moving average—offers a reliable resistance line.

Day-Ahead and What to Expect

The SNX technical analysis of the daily chart points to sellers. It is because of the failure of SNX coin buyers to unwind losses of late September and early October.

Out of this, the SNX/USDT price action diverged from the rest of the crypto markets. A close below $9 may force further SNX token losses.

However, a recovery above $10 could eventually lift prices to $14.

Synthetix Technical Analysis

Synthetix Daily Price Chart for October 26

From a top-down approach, buyers might have a chance. Thus far, the SNX coin is down roughly 40 percent from September 2021 highs—a deep retracement.

Still, as mentioned earlier, candlestick arrangements favor sellers.

Therefore, if SNX prices dip below $9, the coin may sink to $7, the 78.6 percent Fibonacci retracement level of the June to September 2021 trade range.

Related News