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COMP/USD towers above major cryptos like Bitcoin eying $260 Compound begins the new month in style, breaking above $250. Compound must rise above $260 to sustain the bullish case and avoid a potential double-top pattern breakdown. Compound, one of the major decentralized finance (DeFi) tokens is a consistent upward roll following the key support embraced at $160. The support came in handy after the token spiraled from highs above $260 (a high formed on August 12). The decline was also consistent with various tentative support areas at $220 and $200 and $180 failing to rise to the occasion. Compound is among the leading cryptocurrencies in the DeFi ecosystem. It is an Ethereum based token mainly used for lending. According to DeFi Pulse, an aggregator platform, COMP is currently the seventh-largest DeFi token. About $766 million of funds are currently locked in in Compound, trailing protocols like Yearn.finance and Synthetix. Aave continues to dominate the DeFi space with $1.52 billion in total locked value followed by Maker at $1.48 billion. Compound technical Picture At the time of writing, COMP is hovering at $250. All eyes are locked on breaking past the next key hurdle at $260. With the Relative Strength Index (RSI) moving higher above 70, there is a high probability that the token would in the near term climb above $260. The same bullish scenario is supported by the Moving Average Convergence Divergence (MACD). Besides, extending the action higher within the positive region, a bullish divergence above the MACD signals that buyers have the upper hand. On the downside, if the resistance at $260 is not broken, an early spotted double-top pattern could pull Compound downwards, retesting possible support areas at $220, and $200. Meanwhile, seeking support above $250 or even $240 should be key among the bulls as it would give them an opportunity to stage a formidable attack on $260 and $280 respectively. Compound Intraday Levels Spot rate: $248 Relative change: 5.10 Percentage change: 2.27% Trend: Bullish bias Volatility: High
COINBASE:COMPUSDLong
by CoinGape
COMP/USD In A bullish Phase Despite Rejection From $247 Monthly Compound price rose to highs close to $250 but retreated to confirm the 61.8% Fibo support. COMP/USD bullish scenario remains intact in spite of the drop from $247 as observed with the RSI. Compound roared to highs above $240 towards the end of the American session on Tuesday. The Asian session on Wednesday has been characterized by increased seller dominance to the extent a reversal occurred with declines making it under $220. On the positive side, support seems to have been established above the 61.8% Fibonacci retracement level of the last drop from $247.18 to a lower price level at $152.68. A bullish reversal is underway at the time of writing with COMP/USD exchanging hands at $225. As more and more buyers to join the market, Compound is set to continue roaring upwards. However, the magnitude of the bullish leg is not known as of now. Looking at the token from a technical angle, we can tell that it is indeed in a bullish phase. In other words, the influence buyers have over the price is likely to stick in the market a while longer. The Relative Strength Index (RSI) is drawing closer to the oversold (70). This follows a retreat from the overbought to the level at 66.94. As it re-enters the region, buying entries are likely to increase. This way, the volume will grow and the only way for Compound would be upwards. The bullish grip is also emphasized by the gap the 50 SMA is making above the longer-term 100 SMA in the 15-minutes timeframe. In addition, the Moving Average Convergence Divergence (MACD) is holding ground within the positive region (precisely at 11.57. It also features a minor bullish divergence of 0.13 to further highlight the bullish picture. For now, support at $220 would be key to gains above $230 and even $240. Compound Intraday Levels Spot rate: $225 Relative change: 31.28 Relative change: 15.90% Trend: Bullish bias Volatility: Expanding
BINANCE:COMPUSDLong
by CoinGape
2
COMP/USD - Slowdown formation (CAUTION)Hello, Traders! Today, we're gonna look at the COMPOUND decentralized protocol. COMP had a great start finding its all-time low early on at $61 (still a 100% return from the $30 USD ICO). COMP then began to be listed onto various exchanges and was subjected to ferocious buying activity seeing COMP soar all the way to $372 USD only 6 days after the token ICO finished. This was a 1100% return from the ICO price – in less than a week! However, since then, COMP has consistently lost its value, falling from $372 USD towards $135 USD representing a 63% decrease from ATHs in June. However with many DeFi coins performing spectacularly recently (especially the one later on in the report…), what does the future price action hold for COMP? The contraction of PPs can suggest that the current trend could be coming to an end. However, as demonstrated below it appears that there will be a short term sideways trading period – likely until the end of these PPs. Since COMP entered the market it has created numerous formations. The main formations have typically been parallel channels with the addition of one descending triangle. However, the significance of these previous formations is the ever-decreasing angle of the resistance lines as shown on the chart. The indicators are currently very mixed, pointing towards both directions. To take a position now would be highly risky, waiting for a breakout to occur should decrease the risk. This breakout will also change the indicators and increase the following in one particular direction. What would you suggest the market hit later this week? Watch out for the market and good luck!
LLong
by UnknownUnicorn10064030
COMP: COMPOUND WEDGE BREAKOUTPrice of the COMP is on the possible breakout from Wedge pattern. Price can increase for the several levels inside range of 220 and 180. Pls, do not forget price of the COMP is quite high, and recently it increased from 60$ up to 380$ So i greatly advice to decrease risk in the trades which increased that much recently. Always use Stop loss to avoid unnecessary loss. According to my view I think price can make some rebound around 199-200 zone and back to 180. Thanks for attention, stay safe This is Artem Crypto.
Long
by ArShevelev
2
Other Fibonacci pattern for Compound & why you should be a bullUsing the Fourth of July low as a bottom (as opposed to the starting price), we see nice Fibonacci lines as well. Note that the chart has bounced several times at the $245.50 level, so expect to see tough resistance there on the way back up. If/when we eventually surpass our prior early peak, we could see prices up to $514.90 or even more optimistically $732.85. My reasons for being bullish in the long term are simply that I believe the Compound protocol itself is something that is only going to catch on to a wider audience as time goes on. I see a future where Venmo users switch to paying each other with smartphone apps that use stablecoins, and those stablecoins gain interest through the Compound protocol when they are sitting idle. Such apps already exist, but they have yet to be discovered by a broad mainstream audience. As of this writing, the iPhone app Dharma has 4.4 stars, but only 72 ratings. People love it, but most haven’t discovered it yet. The benefit of gaining interest with the Compound protocol has already been realized by crypto users, and there is a clear path to its realization by the mainstream public through smartphone apps. The recent change in Compound rules made it so that crypto users could not milk the system by “yield farming” with an exorbitant number of BAT tokens gaining interest at over 20%. The change in rules now means that stablecoin users have more to gain from using the protocol. This means two things that are very promising for the long-term future of Compound and for the COMP token itself as an investment: 1) Smartphone apps that utilize Compound and stablecoins will allow the mainstream public to pay each other with stablecoins, which unlike money in a Venmo account, gain interest, but unlike cryptocurrency, don’t come with confusing conversion rates and volatile price swings. 2) The demand for the COMP token will be driven by the incredible power that it gives token holders. A few days ago, BAT token in Compound was gaining >20% APR. Yet a single decision made by COMP token holders changed the rules such that BAT currently receives 0.10% APR. That demonstrates that COMP token holders collectively have an enormous amount of power. In theory, supporters of a specific altcoin project could try to buy up as much COMP as possible in hope of being able to affect such a decision in a way that favors their coin’s APR, with hopes that doing so would lead to increased purchase of their token. Thus, owning COMP tokens gives its owners incredible power over the Compound financial system and, as an ever-expanding pool of people use this system (for reasons stated above), the desire to own COMP will increase, driving up demand and thus driving up the price of COMP. “When you think about every bull market, there’s one common thread: an expanding universe of people who own it.” -Paul Tudor Jones “Be fearful when others are greedy and greedy when others are fearful.” -Warren Buffett
FTX:COMPUSDLong
by tarbh
1
Give up on Compound??So, you gave into FOMO. Compound was shiny and new, exploding onto the scene. You surely were the first one to notice, since it had only been trading for a few days, and that makes you an early adopter. But ... it turns out that bubbles crash. You bought high. Now you’re frustrated and thinking of selling — selling low. DON’T! The same reasons you thought this was a good long-term investment are still reasons. As per usual, Fibonacci will determine where this goes. Here are the Fibonacci lines. We can see that we are currently testing *two* resistance lines! If these both break, expect good things. Which Fibonacci lines it stops at next, no one knows, so I’ve drawn out a few guesses with arrows. You bought on a bubble. It’s human nature and you’re human. Now it’s time to ignore the urge to sell low. You know that Compound is revolutionary and, yes, you are an early adopter. Stick it out. Or maybe buy a little more. Outsmart the other humans with math!
FTX:COMPUSDLong
by tarbh
2
COMP tentative longHello everyone Looks like a tentative buy on the RSI. Additionally, this confluence of fibs (spirals, channel, retracement/extensions) leads me to believe a move up is imminent. It's also quite possible that the price moves to the .618 and breaks sideways through the confluence of spirals. I'm not a master at fib spirals; any criticism or advice would be appreciated! *This is personal analysis and not intended to be trading advice - I am not responsible if you lose your funds trading this idea.*
COINBASE:COMPUSDLong
by Begin2blue
3