Compound (COMP) Technical Analysis Report | 20th-July-2023

The price of COMP has recently shown two higher highs on July 2 and July 15 at $71 and $76, respectively. While this might appear to be a normal uptrend at first glance, a closer examination suggests that the uptrend could be ready to reverse. Despite this bearish signal, COMP price continued to rise and set up a higher high on July 15. It is important to note that the correction outlook for COMP price is based on multiple sell signals. However, the crypto market as a whole recently experienced a sudden bullish flip due to the impact of the SEC vs. Ripple lawsuit decisions. As a result, there is a possibility of a sudden increase in buying pressure in not just COMP but also other crypto assets like Bitcoin or Altcoins.

At the time of writing, COMP  was trading at $73.2.

Compound Daily Chart 
| 20th July 2023
Compound (COMP) Chart

COMP after making a new low of $23.27 on 10th June, started consolidating around $25. The asset took good support at $25 and it started moving upwards. It broke the key resistance of $35.5, witnessed a massive rally, and made a high of $85.9. COMP saw some profit booking at the highs and dropped to $68.8. The asset has a strong support zone from $68 to $64.5. If it holds and sustains above these levels then we can expect the bulls to resume the up move. However, to witness a further rally, the prices need to break the recent high of $85.9.

  Support 2Support 1AssetResistance 1Resistance 2

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