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Vikram
Apr 13, 2022
by Vikram

COMP Technical Analysis: Buying Spree Rests At 50-day EMA

COMP
The COMP coin price encounters an overflow in buying volume with the listing on Robinhood. Should you join the trend-based rally?

Key technical points:

  • The Compound token gets listed on Robinhood.

  • The coin price has jumped 9.70% in the last 24 hours.

  • Finally, the 24-hour trading volume of Compound is $155.35 Million, marking a 95% rise.

    • Past Performance of COMP

    COMP coin price fell 32% within ten days resulting in a 100 and 50-day EMA fallout before finding support at the $115 mark. And, with the news of Compound getting listed on the Robinhood platform, the buyers hoard at $115, resulting in the 9.70% inflation. The reversal retests the 50-day EMA resulting in a hammer candle in the weekly chart. 

    TradingView Chart

    COMP Technical Analysis 

    COMP coin price is yet to surpass the 50-day EMA and undermine the bearish engulfing candlestick of 12% made on April 11th. Hence, closing above the $140 mark will increase the chances of bullish continuation. 

    The reversal rally strives to overtake the 50-day EMA line and challenge the falling 100-day EMA. Moreover, the 50-day EMA prepares to restart the uptrend and eye a bullish crossover of the 100-day EMA.

    RSI Indicator: The RSI slope retests the halfway line after the bearish influence imposed with the fall on April 11th. However, the falling slope of the 14-day SMA influences a bearish vibe.

    Stochastic RSI: The K and D lines give a bullish crossover in the oversold zone and are ready to surpass the boundary. The lines are gradually acquiring a bullish stretch and initiating the bull run. 

    In a nutshell, the COMP technical analysis highlights the entry opportunity with closing above the $140.

    Upcoming Trend 

    The COMP/USD daily chart shows a bizarre boost in market price resulting from the listing on Robinhood. The reversal rally with increased trading volume aims to reach the $150 mark after surpassing the 50-day EMA. Furthermore, if the buying pressure rises, the uptrend can continue to reach $180.

    Support Levels: $115 and $100

    Resistance Levels: $150 and $1880

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    COMP Technical Analysis: Buying Spree Rests At 50-day EMA
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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