COMP price action shows an overflow in buying pressure propelling the market price beyond the long-coming resistance trendline. Key technical points: The COMP market price has increased 37.34% over the past 24 hours. The price action shows a resistance trendline breakout. The 24-hour trading volume of Compound is $102 Million, indicating a hike of 158%. Past Performance of COMP COMP prices have steadily declined under the influence of a highly bearish resistance trendline in the daily chart. The bearish free fall pushed the altcoin to a low of $28.5, accounting for a drop of 83% in market value since April. However, with a rounding bottom reversal, the market value jumps more than 50% in the last three days, breaking above the resistance trendline. Source- Tradingview COMP Technical Analysis COMP price action forms multiple bullish engulfing candlesticks in the past few days resulting in a bullish pattern and a trendline breakout. Moreover, the increasing demand is evident in the rising trend in intraday trading volume. The market price has traded lower under the influence of the 10 and 20-day MA during the correction phase. However, the recent surge breaks above the 10-DMA and prepares to challenge the 20-DMA. The daily-RSI slope shows a rounding bottom reversal to exit the oversold zone and surpass the halfway line along with the 14-day SMA. Hence, the indicator reflects a remarkable increase in the underlying bullishness. T...
