TL; DR Breakdown
- The bulls dominate the COMP/USD market.
- Most technical indicators suggest the COMP/USD bull market will not be overturned soon.
- Most digital assets bleed on the cryptocurrency heat map.
Compound price analysis: General price overview
Yesterday’s Compound price analysis chart traded in a moderate momentum. Today’s COMP/USD began in a negative trend. However, the trend only lasted for fifteen minutes. The bulls created solid support at the intraday’s low at $463; the support has made the coin trade positive momentum. The bull momentum does not seem to be overturned by the few sellers in the market.
In most parts of the Daily price analysis chart, the Bollinger bands are comprehensive, implying that the COMP/USD has higher volatility. In addition, the COMP/USD price points towards the upper Bollinger band, signalling an overbought hence the bullish market.
On the overall daily chart, we can see that the sellers have tried to reverse the bull trend severally; however, they have not been successful because the bulls have more strength compared to the bears, as indicated by the Balance of Power indicator.
COMP/USD price movement in the last 24 hours: Bulls control the COMP market
The general view of the COMP/USD market is bullish as the buyers have been in control of the market since early trading hours.
At the time of writing, the COMP/USD pair is trading at $499, which is a 6 per cent increment compared to yesterday’s price. The daily COM/USD trading volumes add to $203.3 million while the total market capitalization is at $2.6 billion, ranking it number 55 in the overall market.
The green candlesticks have outnumbered the red candlesticks, meaning that the bulls have taken control of the COMP/USD market. The bull dominance is not likely to be broken soon. The bull trend might continue into the first two days next week as the COMP eyes the $550 mark.
COMP/USD four-hour price analysis chart: COMP/USD bull trend
The 4-hour price analysis chart started in a bull trend that has not seized and is not likely to be overturned anytime soon.
COMP/USD 4-hour chart. Source: Tradingview
The Moving average convergence divergence (MACD) line has crossed over the redline severally on the four-hour Compound price analysis chart indicating bulls have dominated the most parts of the chart.
The MACD histogram shows there are more green bars than red ones. This is an indication of the intense bull pressure that the market is having.
Compound price analysis: Conclusion
The Relative Strength Index (RSI) is trading slightly below the 60 marks; the bull momentum seems to be heading towards the 70 mark. If the bulls have their way to the overbought region, bears will have a hard job pulling them back as they aim to reach $550 before next weekend.
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