Compound Price Analysis: Will COMP maintain above $51.72


  • COMP/USD is confronted with resistance level of R1 at 57.59 dollars.
  • COMP’s intraday volume stands at $103,807,700.00.
  • Compound currently trades near $58.14
  • The $48.63 support level for COMP/USD is really strong.

26 April 2024 : In this article we will walk you through Compound price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Compound, Is COMP a good investment? Compound support & resistance levels etc. But before diving deep into the COMP technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,358,473,886,661. The total trading volume stands at $67,513,360,625. Bitcoin shares 53.4 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $63,968.58 level after a decline of -1.05%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -0.56 percent reaching to $3,142.71 during the previous 24 hours.
While publishing this blog, BNB traded at $603.88, following a price change of -1.73%within the same time frame. SOL the native coin of Solana is down by -3.35 and currently trading at $143.48. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Compound Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Compound (COMP)

COMP Resistance Levels COMP Support Levels
Resistance Level 1 $57.59 Support Level 1 $51.72
Resistance Level 2 $60.37 Support Level 2 $48.63
Resistance Level 3 $63.46 Support Level 3 $45.85

Compound Performance

The daily chart of Compound shows that the COMP price has surged up with a 9.73% increase in past 24 hours. The price value of the Compound (COMP) coin is standing at $58.14 with market capitalization $460,427,024.00 USD. COMP price changes 10.26% over the week while the trading volume is hovering around $103,807,700.00 USD.

Compound Price Analysis

COMP price analysis for 26 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Compound.

Moving Averages Price Indicator
Simple Moving Average (10) 55.51 Buy
Exponential Moving Average (10) 55.41 Buy
Simple Moving Average (20) 57.62 Buy
Exponential Moving Average (20) 57.37 Buy
Simple Moving Average (50) 55.42 Buy
Exponential Moving Average (50) 55.40 Buy

Compound successfully breaks its first resistance level of $57.59. Now COMP has a nearest resistance of $60.37. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the upper resistance placed at $63.46. The MACD line is standing below of the signal line after a crossover. Compound investors need to wait for any directional change over the daily chart. The Relative strength index (RSI) for COMP Coin is currently hovering at 21 for 14-days average line, which means COMP is in oversold zone and a trend reversal is possible. While COMP’s Williams %R indicator is at -61.581 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

Compound market shows a bullish signs, and bulls can push COMP higher in the coming sessions. COMP has a resistance at $57.59, beyond which the coin would move toward next crucial resistance at $60.37.