The COMP coin price encounters an overflow in buying volume with the listing on Robinhood. Should you join the trend-based rally?

Key technical points:
<ul>
 	<li style="font-weight: 400">The Compound token gets listed on Robinhood.</li>
 	<li style="font-weight: 400">The coin price has jumped 9.70% in the last 24 hours.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Compound is $155.35 Million, marking a 95% rise.</li>
</ul>
<h2>Past Performance of COMP</h2>
COMP coin price fell 32% within ten days resulting in a 100 and 50-day EMA fallout before finding support at the $115 mark. And, with the news of Compound getting listed on the Robinhood platform, the buyers hoard at $115, resulting in the 9.70% inflation. The reversal retests the 50-day EMA resulting in a hammer candle in the weekly chart. 

<img src="https://s3.tradingview.com/snapshots/j/jzLkfDMM.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/jzLkfDMM/">Tradingview</a>
<h2>COMP Technical Analysis </h2>
COMP coin price is yet to surpass the 50-day EMA and undermine the bearish engulfing candlestick of 12% made on April 11th. Hence, closing above the $140 mark will increase the chances of bullish continuation. 

The reversal rally strives to overtake the 50-day EMA line and challenge the falling 100-day EMA. Moreover, the 50-day EMA prepares to restart the uptrend and eye a bullish crossover of the 100-day EMA.

RSI Indicator: The RSI slope retests the halfway line after the bearish influence imposed with the fall on April 11th. However, the falling slope of the 14-day SMA influences a bearish vibe.

Stochastic RSI: The K and D lines give a bullish crossover in the oversold zone and are ready to surpass the boundary. The lines are gradually acquiring a bullish stretch and initiating the bull run. 

In a nutshell, the COMP technical analysis highlights the entry opportunity with closing above the $140.
<h2>Upcoming Trend </h2>
The COMP/USD daily chart shows a bizarre boost in market price resulting from the listing on Robinhood. The reversal rally with increased trading volume aims to reach the $150 mark after surpassing the 50-day EMA. Furthermore, if the buying pressure rises, the uptrend can continue to reach $180.

Support Levels: $115 and $100

Resistance Levels: $150 and $1880

COMP Technical Analysis: Buying Spree Rests At 50-day EMA

The COMP coin price encounters an overflow in buying volume with the listing on Robinhood. Should you join the trend-based rally?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

COMP Technical Analysis: Buying Spree Rests At 50-day EMA

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