COMP price action shows a bullish reversal from $44.5 with a double bottom pattern, resulting in a jump above the 50-day EMA. The COMP prices reverse from the $44.5 mark after the rising channel fallout with a double bottom reversal crossing above the 50-day EMA. However, the recovery rally might shortly bearish opposition at the $55 mark. So, should you consider hopping on the rising rally or wait for the $55 breakout? Key Points: The COMP price action showcases a double-bottom reversal. The bullish reversal may shortly challenge the $55 mark. The intraday trading volume in Compound (COMP) is $40.04 million. Source – TradingView COMP Technical Analysis The COMP price broke below the rising channel pattern due to the increased selling pressure during August, resulting in a 40% drop to $44.5. The buyers at the support level led contained the falling prices leading to a sideways shift in trend. However, the bullish influence growing over the consolidation range led to a double bottom reversal breaking above the 50-day EMA. But, the lack of a significant surge in treading volume to support the bullish reversal questions the trend continuation. The bullish breakout rally crosses the 50-day EMA to challenge the overhead resistance of the $55 mark. Sideline buyers can expect the $55 breakout as an entry spot with the potential to reach the $66 resistance level. Conversely, a reversal from the $55 neckline will likely drop the COMP m...
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