Compound (COMP) Corrects off Support but Faces Rejection Too Soon

Following an extended downward retracement that started on July 17, the COMPUSDT price action seems to have found another support at the $35.80 mark. This support has been holding since the previous trading session. Traders can only hope that the trend continues.

COMP Statistics:
COMP Value Now: $39.91
Compound Market Cap: $44,755,580
Compound Circulating Supply: 7,825,237 COMP
COMP Total Supply: 10,000,000 COMP
Compound CoinMarketCap Ranking: 90

Major Price Levels:
Top: $39.91, $42.00, and $45.00
Base: $39.00, $36.00, and $33.00

Compound’s Price Action Inches Closer To Surpassing the 21-Day Ma Line

In the ongoing session, COMPUSDT price action on the daily chart has moved up significantly. This saw price action cross above the 9-day MA line. But it could be seen that the price candle for the ongoing session has a long shadow above it, which points to the fact that it is already facing some rejection.

Nevertheless, the Relative Strength Index (RSI) indicator can be seen still rising sharply upwards, indicating that upside momentum is strong in this market. Consequently, all available signs seem to indicate that buyers may still be strong enough to resist a significant downward correction in this market.

COMPUSDT Buyers Are Showing Resilience

As observed on the Compound daily market, the 4-hour market has revealed how trading activities have progressed in today’s trading. It could be seen that the previous 4-hour session had brought some downward corrections, which were significant enough to strike out gains from the session before it. However, with minimal vigor, buyers seem set to return the price of this token to its upside path.

This can be seen as a dash-shaped green price candle with a lower shadow that has appeared for the ongoing trading session. Also, this is happening above the 9- and 21-day Smooth Moving Average (SMA) curves. Meanwhile, the Standard Deviations curve is still pointing slightly toward the 2.00 mark, indicating that prices may still advance toward the $44.00 mark.

Buy COMP on eToro