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 native token of this network. The following COMP technical analysis will predict the price trends for the next few days: Past Performance On May 22, 2021, COMP started trading at $449.08. On May 28, 2021, COMP closed at $377.59. Thus, in the past week, the COMP price has decreased by roughly 16%. In the last 24 hours, COMP has traded between $375.22-$400.34. https://ift.tt/3p0tcIl Day-Ahead and Tomorrow Currently, COMP is trading at $396.14. The price has increased from the day’s opening price of $377.06. Thus, the market seems bullish. The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line. Hence, they may change signs soon. Currently, the RSI indicator is at 37%. It faced rejection at 54% and fell to this level. Thus, selling pressures are higher than buying pressures. Hence, the COMP price is likely to start falling. Besides, the OBV indicator has started falling steadily. This implies that selling volumes are slowly mounting. High selling activity will push the price downwards. In a nutshell, when we look at all three indicators together, the overall price trend is all set to turn bearish. However, we have to wait and watch to see if the impending price pullback is temporary or the beginning of a bullish trend reversal. COMP Technical Analysis Currently, the price is above the first Fibonacci pivot resistance level of $393.98. It may soon fall below the first resistance level and further below the Fibonacci pivot point of $384.38 as well. Thereafter, we have to wait and watch if the price fall is temporary or a price downtrend has set in. The COMP price has tested and fallen below the 23.6% FIB retracement level of $394.41. It may soon fall below the 38.2% FIB retracement level of $390.74. Thus, as of now, the price downtrend is strong and likely to continue today and tomorrow.
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