<em><strong>COMP technical analysis shows a trendline breakout rally surpassing $55 after a retest. Will the prices sustain above $55 to reach the next level of $75?</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>COMP prices have decreased by 16.30% in the last 24 hours.</li>
 	<li>The price action shows a post-retest reversal rally challenging the $55 resistance level.</li>
 	<li>The 24-hour trading volume of Compound is $182 Million, indicating a rise of 45%.</li>
</ul>
<h3>Past Performance of COMP</h3>
As mentioned in our <a href="https://www.cryptoknowmics.com/news/comp-technical-analysis-bullish-week-pays-off-with-trendline-breakout" target="_blank" rel="noopener">previous analysis</a>, the breakout rally in COMP prices sustained above the broken trendline and the selling pressure near the $55 resistance level results in a retracement to retest the trendline. However, the post-retest reversal results in a price jump of 15% over the last three days and prepares to surpass the overhead resistance at $55.

<img src="https://s3.tradingview.com/snapshots/n/n3EZjC0O.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/n3EZjC0O/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>COMP Technical Analysis</h2>
The COMP price action shows a morning Star pattern fueling the post-retest reversal, leading to a V-shape pattern with a neckline at $55. Hence if the daily prices close above the $55 resistance, traders can expect a bull run to the $75 mark.

The MACD indicator shows the positive histograms resurfacing as the fast and slow lines avoid a bearish crossover at the zero line. Hence the technical indicator displays a rise in the buying pressure promoting bullish growth.

The RSI indicator shows a sharp V-shaped reversal from the halfway line displaying a jump in the underlying bullishness. Furthermore, the price jump surpasses the 50-day SMA, making the 100-day SMA the next crucial resistance.

In a nutshell, COMP technical analysis displays a high probability of a bullish trend surpassing the $55 level and reaching the $75 mark.
<h2>Upcoming Trend</h2>
If the buying pressure sustains throughout the day, traders can definitely find the closing price surpassing the $55 mark. In such a case, the breakout rally is expected to continue and reach the $75 resistance level.

Conversely, a reversal from the $55 mark will result in a double top formation with a neckline at the $45 mark.

Resistance Levels: $60 and $75

Support Levels: $50 and $45

COMP Technical Analysis: Surging Buying Activity Fuels Breakout Rally

COMP technical analysis shows a trendline breakout rally surpassing $55 after a retest. Will the prices sustain above $55 to reach the next level of $75?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;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.

COMP Technical Analysis: Surging Buying Activity Fuels Breakout Rally

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