Compound

Resistance

Time

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>COMP token price reflects neutrality and has slipped to the 100 day EMA mark.</a></li>
 <li><span>2</span> <a>Bulls are struggling to hold gains and look trapped.</a></li>
</ul>
<p>The Compound token price directs profit booking and gave up the gains over the past few sessions. The price action showcased lower low structure and that the token faced a sharp rejection from the $100 mark last month, resulting in a loss of over 30% of gains in the past two weeks. However, the token regressed to its make or break trendline support zone, close to $70, from where a rebound is anticipated.</p>
<p>At press time, the Compound token (COMP) price was trading at $73.96 with an intraday gain of 3.20%, reflecting a pullback on the charts. It has a monthly return ratio of -17.56% and 73.90% on a yearly basis. The pair of COMP/BTC is at 0.00107 BTC, and the market cap is $596.70 Million. Analysts are neutral and suggest that the COMP token price may settle the gains and will deliver a pullback ahead.</p>
<h2 class="wp-block-heading" id="strong-comp-price-volume-profile-on-daily-time-frame-strong"><strong>COMP Price Volume Profile On Daily Time Frame</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (COMP), Volume (COMP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=cardano&amp;pt=ADA&amp;df=2023-10-07T18%3A29%3A59.152Z&amp;dt=2024-04-07T18%3A29%3A59.152Z&amp;sat=shchcfg_YXXDm7gbOu7o&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bcompound%3BCOMP%5D%3B%5B1%3Bvolume_usd%3Bcompound%3BCOMP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D" scrolling="no"></iframe>
<p>The above data shows the price to volume profile of the <a href="https://www.thecoinrepublic.com/2023/07/03/compound-comp-token-rose-70-in-a-week-superstate-effect/" target="_blank" rel="noopener noreferrer nofollow">Compound token</a>, revealing a mild profit booking in the last sessions. The trend is neutral and the token faced a reversal from the $100 mark, resulting in a 26% drop in gains in the past two weeks. The intraday trading volume remained average, noting a drop of over 7.82% to $15.84 Million.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (COMP), Weighted sentiment (Total) (COMP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=cardano&amp;pt=ADA&amp;df=2023-10-07T18%3A29%3A59.152Z&amp;dt=2024-04-07T18%3A29%3A59.152Z&amp;sat=shchcfg_YXXDm7gbOu7o&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bcompound%3BCOMP%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bcompound%3BCOMP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>Following the price retracement, the volatility remained on and regressed to 0.052, reflecting a negative outlook. However, the weighted sentiment data remained close to the midline, noted at around -0.099.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-x-followers-data-insights-strong"><strong>Social Dominance &amp; X Followers Data Insights&nbsp;</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (COMP), Twitter Followers 7d (COMP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=cardano&amp;pt=ADA&amp;df=2023-10-07T18%3A29%3A59.152Z&amp;dt=2024-04-07T18%3A29%3A59.152Z&amp;sat=shchcfg_YXXDm7gbOu7o&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bcompound%3BCOMP%5D%3B%5B1%3Btwitter_followers_7d%3Bcompound%3BCOMP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The Social Dominance data displays a spike from 3.89% to 0.144%, signifying a neutral outlook. However, the X followers data reflects a severe decline of over 230% to -113.</p>
<h4 class="wp-block-heading"><strong>Development Activity and Open Interest Data Overview</strong></h4> <iframe loading="lazy" title="Santiment Chart: Development Activity (COMP), Total Open Interest in USD (COMP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=cardano&amp;pt=ADA&amp;df=2023-10-07T18%3A29%3A59.152Z&amp;dt=2024-04-07T18%3A29%3A59.152Z&amp;sat=shchcfg_YXXDm7gbOu7o&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bcompound%3BCOMP%5D%3B%5B1%3Btotal_open_interest%3Bcompound%3BCOMP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Per the Sentiment data, the development activity delivered a consistent rise, noted at around 4.36, signifying a positive outlook. However, the derivative data signifies a long buildup activity and the open interest data surged over 1.87% to $27.80 Million.</p>
<p>Per the Fib levels, the COMP coin price has retested the 38.2% zone and is trading near the trendline support zone of $70. The RSI curve stayed close to the midline and a convergence with the RSI line and signal line was noted, suggesting a positive crossover and a rebound can be seen ahead.</p>
<p>The total supply of the COMP token is 10 million, whereas the volume-to-market cap ratio is 0.0265, and it stands at 153 per the market cap in the global crypto market.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The Compound token price has reached its crucial support zone of $70 and is awaiting a rebound shortly. Amidst the market reversal, the token is sustaining gains and remained above the midline. The technical indicators are showcasing a neutral trend and a possible bounce can be seen soon.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $70 and $58</p>
<p><strong>Resistance Levels:</strong> $80 and $100</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Compound Near Trendline Support, Can COMP Retain $100 Mark Ahead?

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Thecoinrepublic.com

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