Compound (COMP) Faces Potential 11% Price Decline According to Analyst
The native token of Compound, COMP, is facing potential decline, according to analyst Ali Martinez. Currently trading at $77.89, COMP has increased by 3.60% in the past day but has fallen 13% over the last week.
- Martinez notes that COMP is consolidating within a parallel channel, indicating support and resistance levels.
- He predicts a target price of $69, suggesting a decline of over 11% from current levels.
- COMP is currently 91.42% below its all-time high of $911.20.
- Total value locked (TVL) in Compound Finance is $2.961 billion, down from $12.147 billion.
- 30-day revenue stands at $308,500, with daily revenue of $9,879.
- 97.56% of wallets hold between $0-$1K in COMP; only 0.13% have over $100K.
Technical Analysis
- Relative Strength Index (RSI) for COMP is at 47.62, indicating bearish momentum.
- Trading volume has increased by 57.79% in the last 24 hours.
- The Moving Average Convergence/Divergence (MACD) suggests a bearish divergence could occur if COMP drops below $77.