COMP coin price action displays a sideways trend trapped between the EMAs as the sellers plan a breakout rally to reach the $115 mark.

Key technical points:
<ul>
 	<li style="font-weight: 400">The COMP coin price hangs at the 50-day EMA. </li>
 	<li style="font-weight: 400">In addition, MACD and signal lines give a bearish crossover. </li>
 	<li style="font-weight: 400">Finally, the intraday trading volume of Compound is $96.88 Million, with a 12% fall.</li>
</ul>
<h2>Past Performance of COMP</h2>
COMP coin price action shows a sideways trend between the 50 and 100-day EMAs and a double top breakout. However, the support at the 50-day EMA fuels a bullish retracement to retest the breakout. The breakout accounts for a decline of 7% in the past day and forms a bearish engulfing candlestick.

<img src="https://s3.tradingview.com/snapshots/i/IftIUuuH.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/IftIUuuH/">Tradingview</a>
<h2>COMP Technical Analysis </h2>
COMP coin price shows a high possibility of a downtrend continuation after the double top breakout. However, the entry opportunity awaits a closing below the $132 mark to avoid a fakeout.

The crucial daily EMAs (50, 100, and 200) struggle to maintain a bearish alignment as the 50 and 100-day EMAs sustain a consolidation range. However, closing below the 50-day EMA will ensure a fallout trend reaching $115.

RSI indicator: The sideways trend leads to diagonal decline to reach the zero line as the downtrend gains momentum. Hence, a fall in RSI to the oversold zone is highly likely.  

MACD Indicator: The MACD and the signal lines are diverging after a bearish crossover reflecting a gradual rise in selling pressure.

In a nutshell, the COMP technical analysis highlights the high likelihood of a downfall continuation below the 50-day EMA.
<h2>Upcoming Trend </h2>
The COMP coin price shows a double top breakout within the accumulation range formed between the 50 and 100-day EMA. Hence, closing below the 50-day EMA will signal a selling spot with a target of $115.

Support Levels: $130 and $115

Resistance Levels: $150 and $170

COMP Technical Analysis: Sellers Ready To Crack The EMA Trap

COMP coin price action displays a sideways trend trapped between the EMAs as the sellers plan a breakout rally to reach the $115 mark.

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: Sellers Ready To Crack The EMA Trap

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