COMP Technical Analysis: Price Hovering Above $404.01, May Go Beyond $425.15

Compound is an incentive-based public blockchain network that follows an open-governance model. Members can delegate, propose, and vote for all changes in the ecosystem. COMP is the in-house token of this open-source blockchain project. Let us look at the technical analysis of COMP.

Past Performance

On Jul 16, 2021, COMP opened at $397.99. On Jul 22, 2021, COMP closed at $414.54. Thus, in the past week, the COMP price has increased by roughly 4%. In the last 24 hours, COMP has traded between $371.07-$426.42.

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Day-Ahead and Tomorrow

Currently, COMP is trading at $418.49. The price has increased from the day’s opening price of $414.54. Thus, the market seems bullish.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling soon.

Currently, the RSI indicator is at 46%. It faced rejection at 36% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the COMP price.

The OBV indicator is also upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, the RSI and OBV indicators have given bullish signals, while the MACD indicator has given bearish signals. Thus, we can expect intermittent price pullbacks amidst an overall bullish trend.

COMP Technical Analysis

Currently, the price is above the Fibonacci pivot point of $404.01. The price may soon break out of the first Fibonacci pivot resistance level of $425.15. Thereafter, we have to wait and watch if the price continues to rise or starts falling.

Currently, the price is above the 23.6% FIB retracement level of $413.34. It may soon break out of the 23.6% FIB extension level of $439.48. If the price retests and falls below these levels by day end, a bearish trend has set in. In that case, the price downswing may continue tomorrow as well.