Compound (COMP) and DAOMaker (DAO) Technical Analysis: What to Expect?

Compound and DAOMaker prices are a cut of different cloths. DAO/USDT prices could plunge to new H2 2021 lows, while COMP/USDT may find support back to $530.

Compound (COMP)

The Compound protocol is one of the earliest lending and borrowing platforms in Ethereum. COMP is its governance token.

Past Performance of COMP

At the time of writing, COMP prices are “all over the place.”

Overly, every low could offer an opportunity for buyers to load up. Currently, COMP is down seven percent versus the USD.

All the same, the short-term trend is northwards, following the bullish breakout above $340 early this month.

Day-Ahead and what to Expect

Aforementioned, COMP buyers have the upper hand in a bullish breakout pattern.

The middle BB and $340 are immediate support levels.

On the flip side, sustained gains above $530 could see COMP soar to $845.

COMP/USDT Technical Analysis

COMP buyers, as per the candlestick arrangement in the daily chart, are remotely in control.

As long as prices trend above the middle BB and $340, every low may offer a buying opportunity.

The first targets lie at $530 and later $845 for COMP.

DAOMaker (DAO)

The Ethereum-based platform makes it easy for projects to crowd-fund while also protecting the interest of investors. DAO is the platform’s governance token.

Past Performance of DAO

At the time of writing, DAO is trading at a multi-month low, in a bear breakout pattern.

Clear from the daily chart, DAO broke below $2—a critical support level of April through to June—in a bear trend continuation after prices peaked in early April 2021.

Presently, DAO is up two percent, outperforming ETH by four percent on the last trading day.

Day-Ahead and what to Expect

Sellers are in the driving seat, steering proceedings as per candlestick in the daily chart.

Tracking the lower BB closely, the downside momentum is strong, and buyers may struggle to overcome the immense liquidation pressure.

Accordingly, the reaction at previous support—now resistance—at $2—is critical, even shaping the short-term trend.

DAO/USDT Technical Analysis

The downtrend is clear. Every low, technically, offers an unloading opportunity.

For now, the immediate buy target is $2—feasible only if there are higher highs from spot rates.

As it is, every pullback below $2 and the middle BB may provide an opportunity for sellers to unload and ride the resulting trend.

A high volumes close above $2 invalidates the downtrend.