The Compound price prediction is struggling to trade near the resistance level of $40 as the coin retreats below the moving averages.
Compound Prediction Statistics Data:
- Compound price now – $39.49
- Compound market cap – $314.6 million
- Compound circulating supply – 7.8 million
- Compound total supply – 10 million
- Compound Coinmarketcap ranking – #59
COMP /USD Market
Resistance levels: $55, $60, $65
Support levels: $25, $20, $15
COMP/USD opens today’s trade with the opening price of $39.56, during the European session; the coin may drop to the support level of $38. At the time of writing, the Compound price is changing hands at $39.49, slightly down by 0.29% after a rebound from the $39.25 level. At the moment, the daily chart reveals that the technical indicator Relative Strength Index (14) is hovering below the 50-level, which means the coin could be vulnerable to further losses.
Compound Price Prediction: Will COMP see a Further Downside?
According to the daily chart, if the sellers bring the Compound price beneath the daily low at $39.25, the next support level could head toward the lower boundary of the channel and a further downside may come to play out within the market in the negative moves.
Moreover, if the $38 support breaks, further support levels could be located at $25, $20, and $15 while the resistance levels could be found at $55, $60, and $65 in case the Compound price crosses above the channel. However, the technical indicator Relative Strength Index (14) could slide below the 40-level, if the market successfully gains more downsides, the increased bearish pressure could drive the Compound price toward the lower boundary of the channel.
COMP/BTC Could Range-bounds
Against Bitcoin, traders can see that the Compound price may follow a bullish movement. However, if the price crosses above the upper boundary of the channel, it could reach the resistance level of 1500 SAT where the nearest target is located. Meanwhile, the continuation of the uptrend could hit the main resistance level at 2000 SAT and above.
Nevertheless, if the sellers bring the coin below the 9-day and 21-day moving averages, it could reach critical support at 1000 SAT and below. However, the Relative Strength Index (14) is now moving in the same direction, indicating sideways movement.
Alternatives to Compound
The daily chart reveals that the Compound price could move bullishly, but the Relative Strength Index (14) lines foretell that the coin could follow a sideway movement. It reveals that the trend is at its terminal, moving below the 50-level, which implies that the strength of the trend is at its end.
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