COMP / TetherUS

COMP: Oversold at Support

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Compound (COMP) technical analysis:

Trade setup: After 3x-4x gains from June’s lows of $20-30 to highs of $85, traders have been taking profits (selling pressures). However, price is now oversold (RSI < 30) and near $47 support level (also 200-Day Moving Average), which could be a swing entry in Uptrend. Fibonacci levels are $62 (38%) and $47 (62%).

Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.

Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).

Support and Resistance: Nearest Support Zone is $47, then $36. The nearest Resistance Zone is $60 (previous support), then $70, and $86.

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