COMP price has been in an uptrend for the past few sessions. Moreover, the price action highlights the buying momentum, and that a golden crossover was spotted on the chart. Additionally, the higher high swings were noted, and a breakout was unveiled near the $50 mark, and the COMP price is sustained above it, which suggests that something big is yet to be seen.
COMP price is trading above the key moving averages and is above the bullish trajectory, representing the bullish momentum on the chart. Moreover, the technicals are replicating follow-on buying interest, and investors have persisted in adding long positions. However, the COMP price must escape the $70 mark to drive the rally beyond the barriers.
The live price of Compound (COMP) is $60.23, with an intraday drop of 0.77%, showing neutrality on the chart. Moreover, the trading volume increased by 11.23% to $41.78 Million. However, the pair of COMP/BTC is at 0.00143 BTC, and the market cap is $483.72 Million. Analysts have maintained a neutral rating, suggesting that the bullishness will resume in the following sessions.
COMP on Daily Chart Displayed Upward Movement
On the daily chart, COMP price has endured in stealing gains inside the rising parallel channel and is likely to retest the make-or-break zone of $75, which, if it surpasses, it will pivot toward $90, followed by $100. Conversely, if it fails to do so, Compound will retest the $50 mark.
The relative strength index (RSI) curve stayed above the midline and formed a negative divergence, suggesting neutral projections for the following sessions. The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting that volatility will continue in the coming sessions.
Weekly Chart Reflects Roller Coaster Moves
On the weekly chart, COMP price showcased a roller coaster move and guided bullish sentiments in the past sessions. Recently, the Compound coin price settled the correction near $35, a strong support area. From it, a remarkable vertical rebound was witnessed, taking COMP toward neutrality and targeting to catch $100 near the 200 day EMA.
Summary
COMP price showcased a vertical u-turn, and highlighted bulls’ dominance on the charts. Per the ongoing trend, Compound price will continue to lift the gains and will reach the $80 mark soon. The RSI and the MACD are giving negative signals (bearish crossovers on the respective charts) for the upcoming sessions.
Technical Levels
Support Levels: $50 and $45
Resistance Levels: $65 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Shephali Jaiswal has previously worked as a freelance designer. But after realizing her potential to write eye-catchy content, she decided to pursue her career as a content writer. She is more inclined towards the decentralized nature of the industry. Though she has not abandoned designing and can be seen imitating her imagination on digital canvas. contact :linkedin
Source: https://www.thecoinrepublic.com/2023/12/30/comp-price-prediction-comp-faced-rejection-will-it-strike-70/