Compound Price up 43%; Will the rally continue in COMP crypto?

• Compound Price up by 43% in the current week and breakout of $50.00 hurdle.
• COMP Price climbed above 50 and 200 day EMA showcase uptrend.
• The Compound crypto price 133% from the recent swing low at $24.00.

Compound Price surges 43% in the current week and formed a strong bullish reversal pattern. It recovered 133% approx from the recent swing low at $24.00 and succeeded to break out of the $50.00 hurdle level. 

COMP crypto price takes sharp U-turn and volume also increases substantially indicates huge participation of fresh buyers in the rally. Compound Price is able to climb above the 50 day and 200 day EMA which shows that the trend has reversed in the favor of bulls. 

From the past few months, COMP Prices are in the correction mode and continue to decline by forming lower lows. The downfall halted near $24.00 and some responsive buyers came forward to defend the support. 

Presently, the Compound Price is in a strong momentum and no signs of weakness is visible. However, the prices are a little over-stretched So, short term retracement toward the 50 day EMA is possible. Well, the prices are in bulls grip and minor corrections will be easily absorbed by the buyers. 

Compound Price is trading at 55.49 with an intraday rise of 10.60%. The 24 hour volume to market cap is 58.09%. 

Will Compound Price hold the $50.00 level?

COMP/USDT daily chart by TradingView

Compound Price performed well in the current month and generated decent returns for the short term traders. The recent up-move looks reliable and prices are expected to hold the $50.00 breakout level. 

Till COMP Price is trading above $40.00 it is inside the bulls grip and short trend down move will have high possibility of bounce back. However, if the price drops below $40.00 then it may raise concern for investors and bears will try to pull it down to the yearly lows. 

On the higher side, Compound Price will face resistance at $62.00 followed by next hurdle will be $71.00. The technical analysis suggests, Compound Price is in uptrend and rally might continue for few more weeks.

Will COMP Price breakout of the supply zone

COMP Price formed a giant bullish candle on a weekly time frame which engulfed losses of the past 17 weeks. Well, the price is near the supply zone and buyers will try their best to break out in search of a new range. 

The next phase of rally in Compound crypto will begin when buyers will be able to break out of the $70.00 hurdle. The MACD curve is rising and generated positive crossover indicates bullishness and momentum is likely to continue. 

Whereas, The RSI at 79 sloping upward denotes the strength of bulls but the price is near to the overbought territory. 

Conclusion

Compound Price up by 43% in the current week and sustained the price above the $50.00 mark. It shows that the bulls are returning back to track and more upward momentum is possible. 

The technical analysis says, Till COMP Price sustains above $40.00 any short term down-move will be easily absorbed by buyers. 

Technical levels

Resistance levels: $62.00 and $71.00

Support levels: $47.00 and $40.00

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.