Compound Price Analysis: Will COMP Retest $65.51 Level?


  • Compound currently trades near $60.56
  • The current trading volume of Compound is at $48,185,755.00.
  • COMP/USD is confronted with resistance level of R1 at 65.51 dollars.
  • Compound shows bearish momentum over the weekend.

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $942,115,587,651. The total trading volume stands at $54,833,502,933. Bitcoin shares 39.77 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,547.55 level after an upward movement of 1.86%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.3 percent reaching to $1,326.36 during the previous 24 hours.
While publishing this blog, BNB traded at $288.62, following a price change of 2% within the same time frame. XRP the native coin of XRP is down by -0.52 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.58% 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 $65.51 Support Level 1 $57.80
Resistance Level 2 $69.50 Support Level 2 $54.08
Resistance Level 3 $73.22 Support Level 3 $50.09

Compound Performance

According to PriceAnalysis Market Index, Compound (COMP) is trading at $60.56 with a trading volume of $48,185,755.00. However,COMP has seen a price increase of 1.9% in the last 24 hours.COMP price changes -2.63% over the week with a total market capitalization of $440,100,073.00 USD.

Compound Price Analysis

COMP price analysis for 03 October 2022 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) 61.63 Sell
Exponential Moving Average (10) 61.48 Sell
Simple Moving Average (20) 58.51 Buy
Exponential Moving Average (20) 58.73 Buy
Simple Moving Average (50) 54.42 Buy
Exponential Moving Average (50) 54.67 Buy

While COMP’s Williams %R indicator is at -27.959 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The Relative strength index (RSI) for COMP Coin is currently hovering at 75 for 14-days average line, which means COMP is in overbought zone and a trend reversal is possible. The COMP/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. COMP has a nearest resistance of $65.51. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $69.50. Alternatively, if the investors turn against the Compound (COMP), the bears might control the market and take COMP price below the crucial support level of $57.80.

Conclusions

COMP price is moving in sideways direction. The battle between the bulls and the bears can result in moving the coin price in either direction. However, The investors are waiting for Compound to make a one directional move to make a good entry in the market.