COMP price action showcases a bullish pattern forming near the psychological mark of $50 in an attempt to break above the $55 mark. Key technical points: The COMP prices attempt to cross above the 50-day EMA. The price action shows a high likelihood of a breakout rally reaching the $75 mark. The 24-hour trading volume of Compound is $121 Million, indicating a rise of 5.5%. Past Performance of COMP COMP price action shows a long-coming downtrend under a bearish resistance trendline, resulting in a price drop to $27. The buyers quickly overtook the trend control resulting in a rounding bottom reversing to test $55. However, the price action takes a different course as the resistance trendline and the 50-day SMA results in a sideways trend close to $50. Source- Tradingview COMP Technical Analysis The COMP price action shows a streak of Doji candles forming slightly below $50, increasing the reversal chances. Hence, the chances of a cup and handle pattern formation increases. The MACD indicator shows a bullish trend saturating below the zero line, increasing the possibility of a crossover, and restarting a downtrend. However, the RSI indicator shows a gradual increase in the underlying bullishness as the RSI slope sustains above the halfway line with positive growth in the 14-day SMA. In a nutshell, the COMP price analysis forecasts a growing possibility of a bullish pattern breakout to surpass the 50-day SMA. Upcoming Trend COMP ...
