<strong><em>COMP price action showcases a bullish pattern forming near the psychological mark of $50 in an attempt to break above the $55 mark.</em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The COMP prices attempt to cross above the 50-day EMA.</li>
 	<li>The price action shows a high likelihood of a breakout rally reaching the $75 mark.</li>
 	<li>The 24-hour trading volume of Compound is $121 Million, indicating a rise of 5.5%.</li>
</ul>
<h2>Past Performance of COMP</h2>
<a href="https://coincodex.com/crypto/compound/">COMP price</a> 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.

<img src="https://s3.tradingview.com/snapshots/a/aKbeQEdY.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/aKbeQEdY/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">COMP Technical Analysis </span></h2>
The <a href="https://www.cryptoknowmics.com/news/comp-technical-analysis-failed-reversal-warns-a-40-downfall/">COMP</a> 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.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
COMP buyers can expect the breakout rally to reach $75 in the upcoming week. Moreover, the bullish trend continuation can reach the 100-day SMA at $87 if the buying pressure sustains. Conversely, a bullish failure to surpass the 50-day SMA can result in a price drop under $40 to test the previous support level at $27.

<strong>Resistance Levels:</strong> $55 and $75

<strong>Support Levels:</strong> $40 and $30

COMP Technical Analysis: Compound Prices Ready To Launch A Bull Run 

In a nutshell, the COMP Technical analysis forecasts a growing possibility of a bullish pattern breakout to surpass the 50-day SMA.

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: Compound Prices Ready To Launch A Bull Run

Top Picks