Technical Analysis Of Compound, Elrond and Swipe!

COMPOUND ANALYSIS: JULY, 2021

Technical:

Compound is an algorithmic and an autonomous network developed to facilitate the future of financial applications. Here’s the technical analysis of Compound.

Compound is currently trading at $336.40. Until recently, it had been forming lower-highs and lower-low in a bearish channel. However, it showed an excellent breakout of this channel with heavy buying volumes indicating the end of the bearish trend. The coin surged over 50% in less than three days, showing the strength of the buyers in its market.

It is taking support from its 50-day and 200-day exponential moving average. It is trading near an important level of $322 to $345 from which it can either face rejection or see a sharp up move.

The probability of the continuation of the bull run is far more than facing rejection from the said levels.

compound analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is showing good price strength for Compound in the upcoming days. It is currently positioned at 64.33. The RSI may cool down going ahead but it will support the coin’s bull run.

The MACD is also above the signal line giving a ‘buy’ call to investors.

The technical analysis of compound is highlighting the possibility of the continuation of the bull run.

compound analysis
Source: tradingview

Conclusion:

On a breakout and close above the level of $348.63 with consistent buying volumes, targets on the upside are placed at $373.20 and $412.30 in the short term. Long term targets can be placed at $549.11 and $694.99.

If the coin faces rejection, targets on the downside are placed at $286.15 and $259.99.

ELROND ANALYSIS: JULY, 2021

Technical:

Elrond is essentially an ‘internet economy’ where users can stake and earn rewards.

Elrond is currently trading at $79.37. It has formed a textbook cup-and-handle pattern on the 4-hour time frame. The cup and handle pattern is a bullish pattern. In addition to that. The coin has also formed a flag and pole type pattern simultaneously. Both patterns indicate the presence of buyers in the market.

However, the coin is facing selling pressure from its 50-day exponential moving average, with bearish volumes being above average near those levels.

elrond compound analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index has given a negative divergence which is common when a cup-and-handle and flag-and-pole pattern is formed. It currently stands near its upper trendline at 53.59. Any break above 55 will confirm the resume of the rally.

The MACD is below the signal line giving a ‘sell’ call to investors. However, similar to the RSI, the MACD is likely to be below the signal line during a cup-and-handle and flag-and-pole pattern.

elrond analysis
Source: tradingview

Conclusion:

On the breakout and close above the level of $85.13 which is the upper trendline of the flag channel, Elrond could touch the targets of $93.03 and $108.58 on the upside. However, these targets can only be seen if supported by good buying volumes.

If the lower trendline of the flag channel does not sustain, targets on the downside can be placed at $72.30 and $68.61. Downsides for this coin is highly unlikely considering the formation of two simultaneous bullish patterns on the daily timeframe.

SWIPE ANALYSIS: JULY, 2021

Technical:

Swipe coin is used on the swipe network which enables businesses to conduct digital transactions globally.

Swipe is currently trading at $1.87. The coin has been consolidating in the range of $2.62 and $1.68 since the past few weeks.

A worrisome sign is the death cross which has occurred recently. A death cross is the situation when the 50-day exponential moving average crosses below the 200-day exponential moving average. It indicates huge weakness for the coin in the next few months.

The bullish volumes are getting drier consistently with bearish volumes rising. The moving averages and the volumes suggest that the lower levels of the range are likely to be broken soon.

swipe compound analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is showing price weakness for the coin in the upcoming days as it has shown a negative divergence from its upper trendline. It is currently positioned at 45.59. The RSI is likely to head towards the oversold region if the bearish volumes continue to flow.

The MACD, on the other hand, is surprisingly above the signal line, indicating that the price may bounce back from the support zones.

Indicators are giving mixed signals. Investors must look at the price actions on the chart to confirm a move on either side.

swipe analysis
Source: tradingview

Conclusion:

On the breakout of the upper level of $2.78 with good buying volumes, targets can be placed at $3.07 and $3.61 in the medium time frame. Although highly unlikely, upside is possible for swipe if the price finds support at the lower levels and bounces back again.

On the breakdown of the level of $1.34, targets on the downside are placed at $0.96 and $0.700.

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