In this Compound technical analysis, we will examine the current price action, trading volume, key levels and indicators for COMP-BTC. Compound (COMP) is a decentralized finance (DeFi) platform that allows users to borrow, lend, and earn interest on their cryptocurrencies. By utilizing smart contracts and a multi-collateral Dai (MCD) system, Compound provides a secure and efficient way for users to manage their digital assets. With its innovative approach to DeFi, Compound has quickly become one of the most popular platforms in the space.
Compound Price Overview:
As of October 02, 2023, Compound is trading at approximately 0.00166 BTC. Let’s dive into the detailed price action for COMP-BTC:
| Metric | Value |
|---|---|
| Open (O) | 0.00171 |
| High (H) | 0.00177 |
| Low (L) | 0.00161 |
| Close (C) | 0.00166 |
| Volume (C) | 4,403.39 |
- Open (O): The opening price for today’s trading session was approximately 0.00171 BTC.
- High (H): Compound reached a daily high of around 0.00177 BTC.
- Low (L): The daily low for COMP-BTC was approximately 0.00161 BTC.
- Close (C): At the time of analysis, Compound is trading near its daily close of 0.00166 BTC.
| Metric | Value |
|---|---|
| 1D Change (%) | -3.33% |
| 3D Change (%) | -9.01% |
| 7D Change (%) | 9.66% |
| 30D Change (%) | 6.01% |
| 90D Change (%) | -18.53% |
| YTD Change (%) | -12.24% |
Over the past three days, COMPBTC has fallen by approximately -9.01%, showcasing increased market volatility. Throughout the last week, it continued to rise, with a gain of around 9.66%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with COMPBTC maintaining an upward trend of approximately 6.01%, despite intermittent fluctuations. Examining the last 90 days, COMPBTC has witnessed substantial decline of approximately -18.53%, reflecting strong long-term confidence. Year-to-date, COMPBTC has steadily decreased by around -12.24%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Compound Live Chart:
You can access a live price chart for COMP-BTC on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.62926.
- Momentum score is 0.06014.
COMP BTC Technical Analysis
Compound Trading Volume:
The trading volume for Compound (COMP) over the past 24 hours has been significant, with approximately 4,403.39 BTC traded against COMP. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): COMP is currently trading above the 50-day SMA, indicating short-term bullish momentum.
- 200-day Simple Moving Average (SMA): Compound is also trading above the 200-day SMA, indicating a positive long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for COMP-BTC is currently in the neutral zone, around 50.70749. This suggests that Compound is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
Compound (COMP-BTC) is currently exhibiting signs of short-term bullish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the BTC monthly resistance level and the BTC support level for potential trading opportunities. Additionally, the neutral RSI and significant trading volume are neutral signals for potential sideways movement.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.
