Compound Price surges 35%; Is the beginning of Bull Run in COMP?

• Compound Price surges 35% and breakout of $40.00 hurdle.
• The COMP Price reclaim the 50 day EMA and attempt to climb above the 200 day EMA.
• The Compound Price Prediction suggests a rally toward $50.00 is possible.

Compound Price surges 35% overnight and showed strong signs of bullish trend reversal. COMP Price breakout of the $40.00 hurdle to gain the confidence of long term investors. Well, the confirmation of breakout will be visible when prices hold the level. 

Compound Price climbed above the 50 day EMA which shows that the short term trend had reversed in favor of bulls. However, the buyers are also attempting to regain the 200 day EMA which will boost the confidence of bullish traders. 

For the past few months, Sellers are dominating in COMP crypto and pulling the prices down by forming lower swings. It raised concern for the investors due to which panic selloff was visible on June 10, 2023. 

However, Compound Price lacked the downside momentum near $23.00 and sellers failed to pull it further down. Later, slow and steady prices rose and recovered the short losses in one move. 

Compound Price is trading at $41.42 with an intraday rise of $35.76%. In the last 24 hours buying volume shot up by 417% and market cap increased by 35%. 

The 24 hour volume to market cap is 20%. The COMP/BTC pair is trading at 0.001282 with an intraday rise of 28%.

Will the rally in Compound Price continue?

Compound Price rises sharply and buying volume also surges denoting  the huge participation of genuine investors. The up-move looks reliable and positive momentum is expected to continue in coming weeks. 

Till the buyers sustain the COMP Price above $30.00 any short term retracement will be easily absorbed. 

On the higher side, the $50.00 will act as a strong hurdle for the bulls. If buyers succeed to break the $50.00 hurdle then it might journey toward $60.00 in the short span of time. 

Well, on the other hand, if prices face rejection from $50.00 then it might spend time in consolidation. The technical analysis suggests, Compound Price takes U-turn and recovery is expected to continue. 

COMP Price engulfs down-move of past 6 weeks

COMP Price formed a bullish engulfing candle on the weekly time frame. It engulfs the bearish candle of the past 6 weeks and showed trend reversal. It recovered 72% approx for a 52 week low and momentum is still intact. 

The MACD curve rises upward and generates a sharp positive crossover. It indicates bullishness and buyers are returning back to track. Whereas, the RSI at 72 entered into overbought territory denotes short term retracement is possible.

Conclusion  

Compound Price surges 35% and buyers are trying to hold the price above the $40.00 mark. The short term trend in COMP crypto has reversed in the upward direction but positional trend reversal is still awaited. 

The technical analysis suggests, COMP Price will enter a bull run when buyers succeed to break out of the $60.00 hurdle. 

Technical levels

Resistance levels: $48.00 and $62.00

Support levels: $30.00 and $23.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.