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

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.



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 (COMP) Corrects off Support but Faces Rejection Too Soon

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.

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

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *