Compound (COMP) and ThorChain (RUNE) Technical Analysis: What to Expect?
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Compound (COMP) and ThorChain (RUNE) Technical Analysis: What to Expect?

July 7, 2021      Dalmas Ngetich

Compound and ThorChain prices are galloping, supported by favorable technical. RUNE/USDT could overcome $7.5 as COMP/USDT bulls set their muzzles at $840.

Compound (COMP)

The DeFi protocol is among one of the oldest, allowing users to earn interest and borrow loans. COMP is for governing the platform.

Past Performance of COMP

COMP prices are bottoming up, closing above previous resistance, and now support at around $340—flashing with March and April lows.

As of writing, COMP is retracing after the expansion of the last week. It is down seven percent against the USD, also sinking versus BTC and ETH by the same margin.

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Day-Ahead and what to Expect

COMP/USDT remains in an uptrend, even after the slowdowns of July 6.

There are bullish indicators, especially in the weekly chart, to indicate possible trend continuation.

Notably, the uptrend is with solid participation levels as bull bars align along the upper BB.

Also, the middle BB—the 20-day moving average—is positive, pointing to demand.

COMP/USDT Technical Analysis

Compound Price Daily Chart for July 7

Buyers are in control, as per the candlestick arrangement in the daily chart.

There is a double bar bullish reversal pattern visible in the weekly chart, marked with a surge in trading volumes.

As such, COMP traders may find buying opportunities, targeting $840—May 2021 highs. A contraction below $400 may slow down determined COMP bulls.

ThorChain (RUNE)

The interoperable DEX allows trustless trading of coins like BTC and tokens. RUNE is central to the protocol.

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Past Performance of RUNE

Bulls’ bells are ringing, perhaps signaling a shift of fortune after long periods of draw-down. Presently, RUNE is up four percent against the USD, breaking above critical resistance levels as buyers build up on July 6 momentum.

Day-Ahead and what to Expect

The immediate trend is clearer after the events of July 6.

From mid-May, RUNE prices are now solid above the 20-day moving average buoyed by rising trading volumes, a show of participation and confidence.

A close above May 2021 lows—now highs—may see RUNE rapidly expand.

RUNE/USDT Technical Analysis

RUNE Price Daily Chart for July 7

Traders are confident, possibly loading at spot rates.

RUNE bulls are building on July 6 gains, closing above the middle BB, hinting at demand.

From the daily chart, RUNE/USDT may attract even more buyers if prices slice above $7.5—the immediate resistance line. In that case, RUNE may reach May 2021 peaks of $22.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.