- COMP price remains above the daily 50 EMA as it nears $80.
- Price remains bullish and is holding above key support areas
- The price of COMP is moving in an asymmetric triangle with high buy orders.
The price of Compound token (COMP) has been volatile recently as the price range in an asymmetric triangle is preparing to break into the $80 area against Tether (USDT). Despite the fact that the crypto market is in a state of flux, the price of Compound (COMP) has shown tremendous strength as it attempts to break out of its trading range. (Data from Binance)
Composite (COMP) price analysis on a weekly chart
Despite the price falling from $850 to $30, down more than 70% from its all-time high. COMP’s price showed great strength as it rallied from a weekly low of $30 to a high of $60 before failing to break above that area to higher highs.
COMP price remained range bound as it is unable to break the $66 weekly resistance to trend higher towards the $80 area.
To have a better chance of trading higher, the COMP price must break and close above $66. The COMP price has formed an upward trendline that acts as support; a flip of this resistance area into support will signal a bigger relief bounce for the COMP price.
If the COMP price fails to break through this key resistance area, we can see the COMP price range in this channel or retest the $40 and below support and demand zone for more buy orders.
Weekly resistance at COMP price – $66
Weekly support at the cost of COMP – $40.
COMP price analysis on a daily (1D) chart
The daily time frame for COMP prices is still strong with prices moving in the order of years asymmetrical triangle with high volume. Despite the rejection from the $65 high, the price has remained in a range forming an asymmetric triangle, with volume rising in anticipation of a major breakout.
On the daily time frame, COMP price is currently trading at $61, above the 50 exponential moving average (EMA) which acts as support for COMP price and below the 200 EMA which acts as resistance for KOMP price. The price of $54 corresponds to the support of the 50 EMA, while the price of $80-86 corresponds to the resistance.
The COMP price must overcome this resistance to the rally high.
The Relative Strength Index (RSI) for COMP is above 60 on the daily chart, indicating more buy order volume.
Daily resistance at COMP price – $66.
Daily support at the price of COMP – $54 – $45.
Featured Image From zipmex, Charts From Tradingview