COMP Price Analysis: COMP Coin ruffling the feathers of bears

• COMP/USD is currently at $46.40 and has decreased 2.16% over the past day
• The trading volumes have decreased 1.06% over the past day
• The momentum remains sided with the bulls

Short Term View: Bullish momentum still at large, despite losses over the past day

The Compound price today is $46.40 USD with a 24-hour trading volume of $115,414,114 USD. COMP Coin is down 2.16% in the last 24 hours. The trading volumes have remained fairly stable over the past day, with only a slight decrease observed. The Volume to Market Cap Ratio stands at 0.3475 for the altcoin.

Compound price has shown remarkable growth over the past month, with the asset proving to be successful in its endeavors to ward off the bears. The Compound price trades above the 50 SMA but slightly below the 20 SMA on the four hour chart, a situation that has developed as a result of today’s price action. If the prevailing trend continues, COMP Coin ight run along with the bulls, overtaking the resistance placed at $50. Conversely, if the investors turn against the asset, the bears might take over and push COMP Coin from its uptrend position. In simpler terms, the Compound price might plunge to the $40 support level,which would be a bearish signal.

Long Term View for Compound Price 

Despite a slight reduction in prices over the past day,the sentiment is still bullish for COMP Coin and the technical indicators point as such. The RSI is currently transacting at 47.51 and looks to move above the halfway mark. This is typical of a bullish trend which strengthens the hand of the bulls. On the other hand, the green histograms have remained fairly stable on the daily chart, suggesting that COMP Coin is currently in a period of consolidation before it starts to stage a rally. The MACD and signal lines are moving ahead, with vigor, into the positive territory as well.

Conclusion 

In spite of the reduction in Compound prices over the past day, the market sentiment is still favoring the bulls. Thus we can expect the asset to continue to march ahead ,with further gains expected in the coming days.

Support: $40

Resistance: $50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.