COMP Technical Analysis: Compound Prices Ready To Launch A Bull Run 

Key technical points:

Past Performance of COMP

COMP price action shows a long-coming downtrend under a bearish resistance trendline, resulting in a price drop to $27. The buyers quickly overtook the trend control resulting in a rounding bottom reversing to test $55. However, the price action takes a different course as the resistance trendline and the 50-day SMA results in a sideways trend close to $50.

Source- Tradingview

COMP Technical Analysis 

The COMP price action shows a streak of Doji candles forming slightly below $50, increasing the reversal chances. Hence, the chances of a cup and handle pattern formation increases. The MACD indicator shows a bullish trend saturating below the zero line, increasing the possibility of a crossover, and restarting a downtrend. However, the RSI indicator shows a gradual increase in the underlying bullishness as the RSI slope sustains above the halfway line with positive growth in the 14-day SMA. In a nutshell, the COMP price analysis forecasts a growing possibility of a bullish pattern breakout to surpass the 50-day SMA.

Upcoming Trend

COMP buyers can expect the breakout rally to reach $75 in the upcoming week. Moreover, the bullish trend continuation can reach the 100-day SMA at $87 if the buying pressure sustains. Conversely, a bullish failure to surpass the 50-day SMA can result in a price drop under $40 to test the previous support level at $27.

Resistance Levels: $55 and $75

Support Levels: $40 and $30