#COMPUSDT 1DAY Chart Trade setup: Trading in a Sideways Channel ($50-$70). Swing trader: can trade the channel (Enter near $50 support and Exit near $70 resistance).. (set a price alert). On August 30, Compound released version 3, which is a major upgrade to its lending DeFi protocol.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
OBV (On Balance Volume): is declining, indicating that volume on Up days is lower than volume on Down days. Hence, demand (buyers) is below supply (sellers).
Support and Resistance: Nearest Support Zone is $50, then $30. The nearest Resistance Zone is $70, then $100.
COMPUSDT trade ideas
COMPUSDT is inside a massive descending channelThe price is creating a descending channel inside a main ascending channel on the daily timeframe.
Now the price is testing an important support at 53$
How to approach it?
IF the price is going to have a breakout and retest the current resistance as new support, According to Plancton's strategy , we can set a nice order
–––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ black structure -> <= 1h structure.
–––––
Follow the Shrimp 🦐
Compound (COMP) - Ridiculous move soonOn the above 1-week chart price action has corrected 95% since May 2021. A number of reasons now exist to be bullish, including:
1) A strong buy signal prints (not shown). If you want to see, just ask.
2) Price action, RSI and MFI resistance breakouts.
3) Regular bullish divergence.
4) Everything that was said above is also true for the BTC pair.
5) Price action prints the higher low on the golden pocket following point #2. Look left!
Is it possible price action falls further? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=6% of portfolio
Timeframe: Don’t know.
Return: $800 / 1400%
Stop loss: None
COMPOUND COMP price ready for x2 growth?Today, we liked the Compusdt trading pair on global 3 days chart.
It has not been analyzed for a long time, but now I liked that the Compusd price is moving in its own way, despite the maneuvers of the BTCusdt price.
In general, Compound Protocol is in the top 10 in terms of volumes of blocked resources (TVL) in DeFi protocols
Perhaps the individual behavior of the Compound price is somehow affected by this news: "DeFi project Compound has launched a lending service for institutional investors"
Or maybe something more interesting is being prepared in the project, which we will find out after the COMP price shoots up)
Summing up: while the COMP price is above $55, there is a good chance for x2 growth to the $100 area, where there is a strong liquidity zone.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
