Compound price prediction suggests that the COMP token is moving on an uptrend. The price of the compound recently gave an extremely bullish breakout near the end of June. The price is presently moving above the 20 EMA whereas all the slower-moving averages are moving in ascending order.
Multiple technical indicators project a bullish outlook, however, the RSI line has reached the overbought level. On the other hand, on a bigger timeframe, the oscillators suggest that the Compound token is overvalued. The short-term trend for the compound is bullish though, over the long term, it may fall into bears’ grasp.
The present value of Compound is $71.85 and it has a market capitalization of around $560.12 Million (press time).
Fall in Social Engagement Levels: Compound Token
The majority of parameters in the LunarCrush platform are highlighted in red indicating that investors’ sentiments across multiple social media platforms are not optimistic.
The total bullish sentiment metric dropped by 94.56%, and a fall of 89.16% was observed in the total social engagement level. There is a 35.15% rise in the 24h volume indicating a rise in trading activity among investors.
Significant Hike in Greed Sentiment of Investors
Investor sentiments concerning the overall cryptocurrency market are near the neutral zone. The current value of the sentiment index is 50 points at the neutral zone. It is seeing a fall of 6 points as per the Alternative(dot)me platform.
CompoundPrice Prediction: Technical Analysis on Daily Timeframe
The relative strength index (RSI) line has reached the overbought level on the one day chart. The present value of the RSI is 62.06 points and the value of the 14-day SMA is 66.41 points. The RSI line may take a bearish reversal.
At present, the stochastic RSI is near the demand zone in contrast with RSI and the value of the stochastic RSI is 20.00 points. The %K might give a bullish interception to the %D shortly.
Conclusion
As per the analysis, the Compound price is moving on a bull trend on the one day chart although the price action on a long-term view indicates there is a substantial possibility of a correction being made. Investor sentiments concerning the overall cryptocurrency market are neutral.
Technical Levels:
Support –$60.00
Resistance – $100.00
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/21/compound-price-prediction-will-compound-price-continue-to-rise/