COMP technical analysis shows a trendline breakout rally surpassing $55 after a retest. Will the prices sustain above $55 to reach the next level of $75? Key Technical Points: COMP prices have decreased by 16.30% in the last 24 hours. The price action shows a post-retest reversal rally challenging the $55 resistance level. The 24-hour trading volume of Compound is $182 Million, indicating a rise of 45%. Past Performance of COMP As mentioned in our previous analysis, the breakout rally in COMP prices sustained above the broken trendline and the selling pressure near the $55 resistance level results in a retracement to retest the trendline. However, the post-retest reversal results in a price jump of 15% over the last three days and prepares to surpass the overhead resistance at $55. Source – Tradingview COMP Technical Analysis The COMP price action shows a morning Star pattern fueling the post-retest reversal, leading to a V-shape pattern with a neckline at $55. Hence if the daily prices close above the $55 resistance, traders can expect a bull run to the $75 mark. The MACD indicator shows the positive histograms resurfacing as the fast and slow lines avoid a bearish crossover at the zero line. Hence the technical indicator displays a rise in the buying pressure promoting bullish growth. The RSI indicator shows a sharp V-shaped reversal from the halfway line displaying a jump in the underlying bullishness. Furthermore, the pric...
