- Comp coin price has increased 60% within the last 48 hours and awaits to grow more with a bullish pattern breakout.
- The coin price struggles just above the 200 EMA and preps to head higher to 50 EMA.
- The pair of COMP/BTC with an intraday gain of +8.33% trades at 0.011 BTC.
COMP token price, in the daily timeframe, long wick rejection, and bullish candlestick formation projects the increasing bullishness. The crypto asset managed to seek support near the $300 level, and the breakout of $430 awaited the coin price to retest the level. COMP token trades at $433.06 with an intraday volume of $288,129,543. The coin price is up 9.50% in the last 24 hours. With a live market cap of $2,256,594,234, the coin ranks #47.
COMP Token Cup & Handle Pattern Brings The Action Back For The Bulls
COMP token consolidation range, in the 4-hour timeframe, is retesting the $430 level after the breakout of the cup and handle pattern. The levels of buying volume are on the higher side. Investors might see this as an opportunity to enter after the breakout. However, there is still the possibility of price falling back under the level. As per the price action, levels of $600 and $850 are immediate resistance, and on the flip side, the level of $300 is providing support.
The coin price is trading just below the 50 (yellow) EMA, which recently gave a death cross signal in the 4-hour timeframe. The 50 EMA (yellow) provides resistance to the price. Investors could think of price breaching 50 EMA as an entry signal.
The RSI (bullish) indicates bullish momentum while trading at 39. The RSI line is spiked and might soon head to the overbought zone. Bullishness from RSI as it reaches near 60 could be possible.
The ADX indicates a short resting phase in momentum after the recent jump. The ADX could spike up soon as soon as the price retests successfully.
Conclusion- The retest of the breakout brings a lot more hope for bulls as the level of $430 might push the price higher. The increase in buying volume also projects the possibility of a successful retest. However, if the price fails to sustain higher, then the level of $300 might have to support the price again.
Support – $300
Resistance– $600 and $850