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Compound Prepares For A Major Rally To $80, Here Is Why

Compound Prepares For A Major Rally To $80, Here Is Why

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  • The price of COMP remains above the daily 50 EMA as it nears $80.
  • The price continues to rise, keeping above the main support areas
  • The COMP price fluctuates in an asymmetric triangle with high buy orders.

The price of the Compound (COMP) token has been volatile recently as price ranges in an asymmetric triangle prepare to break into the $80 area against Bond (USDT). Despite the crypto market being in a state of flux, Compound (COMP) price has shown tremendous strength as it tries to break out of its trading range. (Binance information)

Combined (COMP) price analysis on weekly chart

Despite the price falling from $850 to $30, a drop of more than 70% from its all-time high. The price of COMP showed great strength as it bounced off the weekly lows of $30 to $60 before failing to break above the range to a higher level.

COMP’s price has remained range bound as it is unable to break through the weekly resistance of $66 to reach the $80 range.

To have a better chance of trading higher, the COMP price needs to break and close above $66. The price of COMP has formed an uptrend acting as a support; Turning this resistance area into support means relief for the rise in the price of COMP.

If the COMP price does not break through this key resistance area, we may see the COMP area within this channel or retest the $40 and lower support and demand zone for more buy orders.

Weekly Resistance at COMP Price – $66

Weekly Subsidy for COMP Price – $40.

Price analysis of COMP on daily (1D) chart

Daily COMP Price Chart | Source: COMPUSDT is Tradingview.com

The daily time frame for COMP prices remains strong, with prices moving in an asymmetric triangle with high volume. Despite being rejected from the $65 peak, the price has remained in a range that forms an asymmetric triangle with increasing volume due to a major breakout.

On the daily time frame, the price of COMP is currently trading at $61, above the 50 exponential moving average (EMA) that supports the price of COMP and below the 200 EMA that acts as resistance for COMP. The price of $54 corresponds to the 50 EMA support, while the price of $80-86 corresponds to the resistance.

The price of COMP must break this resistance to a rally high.

COMP’s Relative Strength Index (RSI) is above 60 on the daily chart, indicating more buy orders.

Daily resistance for COMP price – $66.

Daily support for COMP price – $54-$45.

Featured Image From zipmex, Charts From Tradingview 

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