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This week in the COMP Technical Analysis, the compound is a blockchain technology-based interest rate protocol. It helps developers to build a wide range of decentralized financial applications. It is an autonomous algorithm-based open-source network. The interface is integrated through user-built protocols. COMP is the prime governance token of this ecosystem.
Past Trends
On March 19, 2021, COMP started trading at $430.63. As of March 25, 2021, COMP closed at $361.01. Thus, in the past week, the COMP price has declined by approximately 16%. In the past 24 hours, COMP has traded between $335.65 – $376.80.
https://www.tradingview.com/x/zNSafr6k
Days-Ahead and Tomorrow
Currently, COMP is trading at $376.50. The price has risen from the opening price of $361.04. Thus, the market looks positive.
The A/D indicator is upward sloping. This implies that whale accumulations are higher than whale distributions. Thus, high buying activity will lead to a further increase in the COMP price.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish and the price is poised to rise further.
Currently, the RSI indicator is at 67%. It has just fallen from the 70% mark. Thus, buying pressures are still high. High demand for the token will lead to its price moving further up.
COMP Technical Analysis
At present, the price is above the first Fibonacci pivot resistance level of $373.48. As the bulls are gaining strength, we can expect the price to cross the subsequent resistance level of $382.93 by day end.
The price has tested and broken out of the 23.6% FIB retracement level of $367.35. Thus, the price uptrend is strong in the technical analysis. By day close, we can expect the price to breach the 23.6% FIB extension level of $386.25. In that case, we can expect the bull-run to continue tomorrow as well.