COMP price has revived nearly 70% since its low of $195
COMP Price has recently broke a falling wedge pattern
COMP needs to stay above 200MA to continue revival
Compound (COMP) has recently grown much in light of its DeFi capabilities the last year. The price has seen some growth but not as much as its competitors as it is up a mere 85% over the past year. Unfortunately 99% of cryptocurrencies follow BTC’s price action which has left the majority of the market flat, including COMP. Although, a break out of its falling wedge pattern may signal a trend change Is upon us.
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After breaking free of the 45 day falling wedge, COMP slashed right through its major resistances of $265 & $285. Since then, COMP has been playing with its major resistance zone of $330-$357. Compound must break and HOLD this area to be clear for significant revival. This area has proved to be an important zone the last 5 months and until COMP can fully clear this mark, it is still considered in a bearish downtrend.
COMP Price Analysis: COMP/USDT 4 Hour Chart
Along with this major resistance zone, COMP has been attempting to hold above its 200MA for the first time in nearly 45 days.
If price fails to hold this MA and falls below, it is very likely to see a retracement back to the major support of $285. In the case bears continue to hold control, COMP will test the $265 mark and will be in danger of a larger fall if that major support can not hold.
While looking at the RSI, it is easy to see a trend line has been respected since the low of $195 had formed. If strength stays above this trend, all is well and COMP will be in a great position to continue revival. The MACD is signaling a slight bearish bias as the MA’s have created a slight double top and have also crossed bearish. A retest of the 0 value looks likely.
COMP price intraday levels
Spot rate: $327
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.