Compound

Resistance

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>The COMP token price delivered a negative move and slipped below its key EMA.</a></li>
 <li><span>2</span> <a>Bears have gained traction and are willing to breach the $50 mark ahead.</a></li>
</ul>
<p>The COMP token (Compound) price signifies selling pressure and has breached its crucial support zone of $60 in the last sessions. Afterward, the bears continued to put pressure and breached the 200-day EMA mark aggressively. Amidst the selling pressure, the coin price is still trading above the round mark of $50, and investors are looking for a rebound to square off their positions ahead.</p>
<p>At press time, the Compound token (COMP) price traded at $53.27 with an intraday drop of 7.22%, reflecting neutrality on the charts. It has a monthly return ratio of -40.24% and 18.90% on a yearly basis. The pair of COMP/BTC is at 0.000826 BTC, and the market cap is $430.20 Million. Analysts are neutral and suggest that the COMP token may retest the 200-day EMA and will replicate a bounce soon.</p>
<h2 class="wp-block-heading" id="strong-comp-price-volume-profile-on-daily-timeframe-strong"><strong>COMP Price Volume Profile On Daily TimeFrame</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (COMP), Volume (COMP)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=compound&amp;pt=COMP&amp;df=2023-03-20T00%3A00%3A00.000Z&amp;dt=2024-04-14T18%3A29%3A59.794Z&amp;sat=shchcfg_0eBFxrLrS-KZ&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%227d%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D" scrolling="no"></iframe>
<p>The COMP <a href="https://www.thecoinrepublic.com/2024/04/12/aptos-crypto-price-analysis-what-next-in-the-aptos-price/" target="_blank" rel="noopener noreferrer nofollow">price</a>-to-volume profile signifies bearish momentum; the token is heading toward the $50 mark. Moreover, the token has breached the 200-day EMA mark, and sellers are showcasing their dominance for the past sessions. The token delivered lower low swings and signified a trend reversal on the charts. The intraday trading volume witnessed a spike of over 12.78% to $60.30 million.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-bounced-sharply-sentiment-looks-neutral-strong"><strong>Price Volatility Bounced Sharply, Sentiment Looks Neutral&nbsp;</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=compound&amp;pt=COMP&amp;df=2023-03-20T00%3A00%3A00.000Z&amp;dt=2024-04-14T18%3A29%3A59.794Z&amp;sat=shchcfg_0eBFxrLrS-KZ&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&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>Followed by the price down move of over 26% this week, the price volatility data revealed a spike of over 87.90% to the 0.06 mark. However, the weighted sentiment value remained below the midline, at around -0.161.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-twitter-followers-outlook-strong"><strong>Social Dominance and Twitter Followers Outlook</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=compound&amp;pt=COMP&amp;df=2023-03-20T00%3A00%3A00.000Z&amp;dt=2024-04-14T18%3A29%3A59.794Z&amp;sat=shchcfg_0eBFxrLrS-KZ&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Btwitter_followers_7d&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>Per the Santiment data, the social dominance data revealed an up move and spiked over 78.87% to 0.125%, witnessing a bounce on the charts. However, the Twitter followers witnessed a down move and dropped to -25.</p>
<h4 class="wp-block-heading"><strong>Development Activity and Open Interest Analysis</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=compound&amp;pt=COMP&amp;df=2023-03-20T00%3A00%3A00.000Z&amp;dt=2024-04-14T18%3A29%3A59.794Z&amp;sat=shchcfg_0eBFxrLrS-KZ&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Btotal_open_interest&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&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" scrolling="no"></iframe>
<p>Per the Santiment data, the development data witnessed positive development data and spiked over 13.90% to the 4.5 mark. However, the open interest data witnessed a long unwinding activity, and the value dropped over 1.24% to $16.95 million.</p>
<p>Per the Fib levels, the COMP price has breached the 23.6% zone and has entered the bearish zone. Moreover, the RSI curve slipped to the oversold region, depicted as a bearish crossover on the charts.</p>
<p>The total supply of the COMP token is 10 Million, whereas the volume-to-market cap ratio is 0.139, and it ranked 157 in terms of market cap in the global crypto market.</p>
<h4 class="wp-block-heading"><strong>Summary</strong></h4>
<p>The COMP token price has reached a bearish trajectory and depicts seller dominance on the charts. Moreover, the token is trading below the key moving averages, and buyers are trapped in the past sessions.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $50 and $45</p>
<p><strong>Resistance Levels:</strong> $55 and 460</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>

COMP Witnessed Bearishness; Can Selloff Extend Below $50 Mark?

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Thecoinrepublic.com

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