COMP shows intraday volatility above $55. FOMO on TAMA

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Compound Price Forecast shows that COMP will move higher as it closes above the $2000 price mark.

COMP Stats Data:

  • Combined price now – $56.55
  • Total market value – 408.9 million dollars
  • Collective transfer provision – 7.2 million
  • Total supply – 10 million
  • Compound Coinmarketcap rank – #81

COMP / USD market

Key steps:

Resistance levels: $70, $75, $80

Support levels: $45, $40, $35

COMP shows intraday volatility above $55.  FOMO on TAMA
COMPUSD – Daily chart

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COMP/USD was seen trading at $56.55 after hitting a high of $61.30 in the European session today. Looking at the daily chart, Compound (COMP) is following the footsteps of Bitcoin (BTC) as profit margins are limited at this time. COMP/USD is trading above the 9-day and 21-day moving averages at $54.60 after the start of today’s trade.

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Since the beginning of this month, the price of the compound has touched a monthly high of $62 and has since started heading south, currently trading at $56.55. In the meantime, compound price may move towards the upper border of the channel to touch the immediate resistance at $65.

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However, the compound price may start to perform well and the price may hit the resistance levels at $70, $75 and $80 respectively. Meanwhile, if the technical indicator decides to quickly turn south, there may be a cross below the lower border of the channel and a bearish fall may drive the market to the $45, $40 and $35 support levels, but the relative strength indicator (14) is moving to cross above the 60-level.

On Bitcoin, as the red line of the 9-day MA remains above the green line of the 21-day MA, the market price may focus on an upward movement within the channel. COMP/BTC is currently trading at 3053 SAT as the next key resistance could be 3500 SAT and above.

COMPBTC – Daily Chart

On the downside, a potential bullish move below the 9-day and 21-day moving averages may come into play, and when it does, the 2500 SAT and support levels below may be visited. Meanwhile, the market may continue to have a bullish day as the Relative Strength Index (14) indicator remains above the 60-level.

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