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Compound (COMP), at the time of penning down, was trading at $166.45 and is ranked amongst the top 50 cryptos of the global market. Compound is the newest crypto but has lured an approximate market cap of over $400 million. COMP token is holding a flattish momentum with a slow and steady drop from trading around $280 to dropping as low as $120 at the onset of the ongoing month just when BTC plummeted to $10.5 after breaching above $12k momentarily.
Compound Price Analysis
Compound token is holding a positive intraday crossover on the 8-hourly chart and holds complete support from 21-day MA but lacks support from 10-day MA at $167.11. The price trend of COMP/USD is near hitting the 20-day upper Bollinger Band with intraday bullish divergence. Compound price after hitting the recent low around $120 has strengthened by approximately over 35% in just ten days. The currency holds a significant potential of trading with the utmost market capitalization growth.
The MACD crosses above the signal lien due to intraday positive bias on the 8-hourly chart, and the RSI is also hinting towards the spiking demand at 59.88.
Dipayan Mitra is a dedicated Editor and Journalist in the Web3 and cryptocurrency domain with over five years of experience...
Dipayan Mitra is a dedicated Editor and Journalist in the Web3 and cryptocurrency domain with over five years of experience in the media industry. A journalism graduate, Dipayan has developed a keen interest in staying up-to-date with the latest developments in the crypto space, allowing him to offer fresh insights and expert analysis on emerging trends. Specializing in technical analysis and market trends, Dipayan is known for his ability to break down complex cryptocurrency topics and deliver them in an accessible and engaging manner. Dipayan’s work has been featured on crypto platforms such as AMBCrypto and CoinGape, where he contributes regularly with high-quality, timely content.
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Last updated August 11, 2020
