COMP price action shows the consolidation rally approaching the long-coming resistance trendline and increasing the chances of fallout. Key technical points: The COMP market value decreased by 7.83% today at press time. The price action shows a high likelihood of a retracement to $50. The 24-hour trading volume of Compound is $65.55 Million, indicating a fall of 2.76%. Past Performance of COMP COMP prices trends lower under a highly bearish resistance trendline after facing rejection near the $150 mark and the 50-day EMA. The falling trend takes support at the $56 mark to form a descending triangle with the base at $56. Furthermore, the growing bearish influence starts a fallout attempt as the higher price rejection arises with the formation of an evening star pattern. Source- Tradingview COMP Technical Analysis The COMP prices show an upward retracement trend that is heading towards the lowest support level of $56, while the daily candles show greater price rejection. Therefore, traders should expect an end of the support level, resulting in a decline toward the psychological support level of $50. The falling EMAs remain in a bearish alignment, indicating a solid correction phase. In addition, the 50-day EMA (red) offers resistance against the bullish recovery. The MACD and the signal lines exhibit an upward trend, but the decline in the buying pressure can be observed in the downward tendency in the bullish histograms. Thus,...
