Compound (COMP) is an altcoin on the Ethereum blockchain. The growing popularity of the DeFi sector has seen the prices of many cryptos soar. COMP is one among them. Even though it is not fully decentralized to date, its skyrocketing returns since June 2020, have earned it the label of an ‘economic miracle.’ Past Performance of COMP On February 23, 2021, the COMP price opened at $423.04. As of March 3, 2021, COMP closed at $493.56. Thus, the COMP price has soared by approximately 17% in the past week. In the last 24 hours, COMP has traded between $413.08 and $529.20. https://ift.tt/304Taij Technicals for the Day-Ahead and Tomorrow Currently, COMP is trading at $518.62. The price has increased from the opening price of $493.78. Thus, the market looks healthy. Currently, the RSI indicator is at 45%. A couple of hours it faced a bearish swing rejection at 70%. It kept falling and rose again. But this time, the RSI faced rejection at 62% and is steadily falling thereafter. Thus, selling pressures are high. The price is likely to go down. The MACD and signal lines are positive. However, the MACD line is very close to the zero line and may change sign soon. Moreover, a bearish crossover by the MACD line over the signal line implies that the COMP price is likely to downswing. The market momentum is bearish. The OBV indicator has started falling steadily. It implies that selling volumes are likely to overtake the market soon. Hence, we can expect a price pullback. The current price is well above the Fibonacci pivot point of $479.25. It may break out of the first Fibonacci pivot resistance level of $522.96 soon. Thus, the price uptrend will continue with intermittent price pullbacks. The price has already broken out of the 23.6% FIB retracement level of $502.20. Thus, the bulls seem strong. Price corrections are happening in the COMP market. Intermittent price pullbacks are likely to be temporary. We can expect the bull-run to continue tomorrow as well.
The post COMP Trading Between $413.08 and $529.20, Price Uptrend Continues – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
