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Basic Attention Token and Compound prices are in tight ranges. However, COMP/USDT is bullish above $330 while BAT/USDT may find support at spot rates, potentially recovering to $0.95.
Compound (COMP)
COMP is the governance token of one of the most prominent DeFi protocols in Ethereum, Compound. Through this platform, users can borrow and lend out supported tokens.
Past Performance of COMP
The re-calibration of crypto prices to the downside didn’t spare COMP tokens.
COMP/USDT prices are now trading below $330, the former primary support—now resistance.
At the time of writing, COMP is up 12 percent, while trading volumes are up 14 percent to $84 million.
Day-Ahead and What to Expect
COMP/USDT prices are trading in a bear breakout pattern with resistance at $330.
Additionally, COMP is trading inside the May 19 bear bar, which aligns price action favoring sellers.
Unless there is a reversal building on stable prices of June 12 and 13, COMP/USDT may slide to as low as $150.
COMP/USDT Technical Analysis
From the daily chart, COMP bears are pressing lower within a bear breakout pattern.
There was a general increment in trading volumes as COMP prices fell, indicating sellers.
Technically, every pullback may form a liquidating opportunity for aggressive COMP sellers targeting $150.
A reversal above $330, building on June 13 bulls invalidates the downtrend, cushioning bulls hoping for a recovery and trend continuation.
Basic Attention Token (BAT)
BAT primes the advertisement ecosystem of the Brave Browser. Users who want to receive rewards for their “attention” receive payment in BAT tokens.
Past Performance of BAT
Overly, BAT prices are in a downtrend, pummeled by sellers like most DeFi tokens.
BAT is, on the last trading day, up six percent against the USD. At the same time, it is at break-even versus BTC and ETH.
Meanwhile, there is a contraction in trading volumes, falling 14 percent to $135 million.
Day-Ahead and What to Expect
Despite losses, BAT bulls are hopeful.
Corrections are within May 24 bull bar—a net positive.
Support and subsequent gains above the middle BB towards $0.95 would rejuvenate buyers. Still, there are concerns about the uptrend.
BAT/USDT bars are banding along the lower BB, suggesting a buildup of sell pressure.
BAT/USDT Technical Analysis
From the daily chart, BAT/USDT prices are within the May 24 to 26 bull bars—positive for buyers.
Nonetheless, this isn’t preventing sellers from pressing lower.
As long as the sentiment is bearish, every high presents a selling opportunity for BAT sellers targeting $0.50—the 50 percent Fibonacci retracement level of the Q1 2021 trade range.
On the brighter side, gains above the middle BB and $0.95 would slow down bears, marking the beginning of a correction higher.