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 protocol. Let us look at the technical analysis for the same. Past Performance On Jun 22, 2021, COMP opened at $221.89. On Jun 28, 2021, COMP closed at $309.87. Thus, in the past week, the COMP price has increased by roughly 40%. In the last 24 hours, COMP has traded between $249.19 – $323.69. https://ift.tt/3vYSoRf Day-Ahead and Tomorrow Currently, COMP is trading at $316.95. The price has increased from the day’s opening price of $309.87. 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. Hence, we can expect an intermittent price pullback amidst a bullish trend. Currently, the RSI indicator is at 54%. It faced rejection at 56% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the COMP price. However, the OBV indicator is falling steadily. Thus, selling volumes are higher than buying volumes. High selling activity will push the price further down. In short, all three oscillators have indicated a price pullback. However, we have to wait and watch if the price pullback is temporary or the commencement of a bullish trend reversal. COMP Technical Analysis Currently, the price is below the first Fibonacci pivot resistance level of $321.71. It may soon fall below the Fibonacci pivot point of $294.25. Thereafter, we have to wait and watch if the price continues to fall or starts rising again. The price may soon test and fall below the 76.4% FIB retracement level of $306.11. The price may further fall below the 61.8% FIB retracement level of $295.23 as well. Thus, as of now, the bears are strong. Hence, we can expect the price downtrend to continue today and tomorrow.
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