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Compound Technical Analysis: COMP Crypto Heavily Flows Out of Exchanges, Will Price be Impacted?

Compound Technical Analysis: COMP Heavily Flows Out of Exchanges, Will Price be Impacted?

Key Takeaways:

Current Price $49.78
Market Cap $359,405,054
Circulating Supply 7,220,579.04 COMP
Total Supply 10,000,000
Vol (24H) $165,186,284
Change (7D) -3.00%

Technical Analysis for September 2022

The Compound crypto price with the fresh rebound is flashing some signs of a probable bullish monthly close for August. However, no clear conformations of positive price action are seen as the bears continue to dominate the rally. However, the price is expected to gear up a little and attempt hard to maintain the lower support until the monthly close.

With the latest bounce, the COMP price appears to have set up a trend line which may form a strong base for the asset in the coming days. The beginning of September could be somewhat consolidated. However, the price may rise to reach above $60. Historically this month has proven to be bearish almost every year. 

Therefore, the possibility of a notable drop back to $50 appears imminent. 

Additional Read: Top Cryptos this Week

Technical Analysis at a Glance

Compound crypto price strengthened its existence during the 2021 rally as it smashed the highs close to a 4-digit figure. Since the beginning of 2022, the asset remained heavily drained and currently has dropped below $50 marking new lows. However, ever since the price flipped the bearish trend in June, the asset is struggling to maintain a firm upswing.

In the coming days, the COMP price may continue with its ascending consolidation without any steep price actions on either side. 

Short-Term A notable buying volume has accumulated and hence the price may continue ranging high 
Mid-Term The COMP price has just rebounded from the lower support and soon may rise & gain with a significant margin
Long-Term The volume has depleted since the beginning of 2022 and hence no steep price action may be expected until volume surges

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 58.68 / 30.02 Buy / Sell
MACD -0.09 / -28.90 Sell / Sell
Average Directional Index(ADX) 39.81 / 33.53 Buy / Sell
Ultimate Oscillator 54.12 / 47.31 Buy / Sell
Bull-Bear Power 4.38 / -25.56 Buy / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $48.91 $55.23
MA 10 $47.22 $54.84
MA 20 $47.17 $63.27
MA 50 $49.23 $151.47
MA 100 $55.35 $249.84
MA 200 $56.44 $130.53

The recent bounce has induced some bullish momentum and due to this, the asset is now somewhat bullish in the short-term. All the indicators are pretty bullish while the MACD continues to remain bearish as the selling pressure has not eased completely. However, the strength of the rally & the bullish dominance has increased which may propel the price slightly high. 

Conversely, the long term still remains under bearish captivity and hence may experience an extended price drain ahead. 

Additional Read: Compound Price Prediction

Compound Crypto On Chain Metrics Analysis

Source: Santiment

Source: Tradingview

Source: Tradingview

Source: Santiment

Compound Crypto Technical Analysis for Short Term

Source: Tradingview

Compound Crypto Technical Analysis for Long-Term

Source: Tradingview

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Is Compound bullish or bearish?

Compound price is bullish in the short-term while in the long-term the asset is extremely bearish.

What is the current RSI for COMP?

The RSI for COMP in the short-term is 58.68 while in the long-term it is 30.02.

Is it a good time to buy COMP?

The Compound price is coiling up and displays the huge potential to surge high and hence may be a good time to buy.

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