The crypto market cap (TOTALCAP) and the Bitcoin (BTC) price are trading slightly above important support. The Compound (COMP) price has reached a crucial support area.
Coinbase beat its revenue estimates in Q2, posting a total revenue of $708 million, considerably higher than the $631 million consensus of Bloomberg analysts.
Crypto Market Cap (TOTALCAP) Hovers Above Support
The TOTALCAP has decreased since reaching a high of $1.24 trillion on July 13. The downward movement ended on August 1, when the price reached a low of $1.11 trillion.
TOTALCAP bounced the same day (green icon) but negated most of its gains the next. Now, TOTALCAP trades slightly above the $1.12 trillion support area.
If the price bounces again, it can increase by 10% to $1.24 trillion. However, if a breakdown transpires, a 4% drop to the $1.08 trillion support area will be likely.
Bitcoin (BTC) Price Fails to Sustain Upward Movement
The price of BTC had been following a descending parallel channel after reaching its highest point of the year at $31,800 on July 13. This downward movement culminated with a $28,585 on August 1.
However, the price then rebounded and broke out from the channel the next day.
Despite the breakout, BTC was rejected by the $29,800 resistance area on August 2 (red icon) and negated most of its gains. It now risks falling back inside the channel.
If it does, a drop to the channel’s support line at $27,200 will be the most likely future price scenario. This will amount to a drop of 6.70%. However, if BTC bounces, it can make another attempt at clearing the $29,800 resistance area.
Compound (COMP) Price Reaches Support
The COMP price has fallen since reaching a new yearly high of $85.90 on July 16. The decrease led to a low of $58.29 nine days later. While the price bounced afterwards (green icon), it failed to sustain the increase. After a lower high (red icon), COMP fell to the $58 area again, where it is currently trading.
Whether it bounces or breaks down could determine the future trend.
A bounce will likely catalyze a 50% increase to its yearly highs near $85. On the other hand, a breakdown will likely take the price back to a descending resistance line at $45. This will amount to a drop of 21%.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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