Analytics

Compound (COMP) and ThorChain (RUNE) Technical Analysis: What to Expect?

ThorChain and Compound are recovering. If $330 fails, COMP/USDT may slide to $270, while RUNE/USDT could expand to $15 if $7.5 holds.

Compound (COMP)

Despite the re-calibration of crypto assets, Compound manages over $7.3 billion of value. Moreover, the lending and borrowing protocol is paperless and trustless via smart contracts.

Past Performance of COMP

There has been a comprehensive market contraction of assets’ valuation. COMP is no exception.

At the time of press, the token has nonetheless recovered, adding seven percent against the USD.

At the same time, COMP is steady versus BTC and ETH on the last trading day.

Meanwhile, trading volumes are within average, rising four percent to $197 million.

Day-Ahead and What to Expect

The path of the least resistance is, nonetheless, southwards.

From the daily chart, COMP/USDT is down over 75 percent, finding support at March 2021 lows at $330.

Sellers of mid-April and May are still in the driving seat.

How COMP performs in the immediate term depends on if prices will sink below May 2021 lows or rebound from $330.

COMP/USDT Technical Analysis

Presently, COMP bear bars are aligned along the lower BB, pointing to liquidation.

Accordingly, every pullback–for aggressive traders–may be a selling opportunity with targets at May 2021 lows of around $270.

Unexpected gains above last week’s highs of $475 may resuscitate battered bulls in approval of efforts of late May 2021.

ThorChain (RUNE)

Through the cross-chain ThorChain, users can swap assets, eliminating the need for an order book. In addition, RUNE is native to this ecosystem, securing the platform against Sybil attacks.

Past Performance of RUNE

After an unprecedented run in H1 2021, RUNE prices are now correcting.

Despite the shocks of June 8, RUNE prices are relatively stable on the last trading day.

Trading volumes are up 21 percent to around $159 million, indicating possible confidence in the face of sellers.

Day-Ahead and What to Expect

In a bear breakout pattern, as RUNE/USDT technical analysis shows, every high may be an opportunity for sellers to capitalize.

RUNE is now trading below the middle BB, clearing a primary multi-month support trend line in the past few days.

RUNE/USDT Technical Analysis

Despite fears, RUNE/USDT is consolidating inside the last two weeks’ trade range.

Support and resistance lie at $7.5 and $15, respectively.

Accordingly, a close above the middle BB—in demand and confirmation of late May bulls—may re-inject momentum to buyers targeting $15.

On the flip side, sharp losses below $7.5 could trigger another wave of liquidation towards $4.5—an inflection point in March 2021.

   

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