COMP Price Rises 10% with Bullish Breakout Potential
The digital asset Compound (COMP) has experienced limited gains recently, but a potential bullish breakout may be on the horizon. Key points include:
- COMP is showing signs of breaking out from an Adam & Eve pattern.
- If the $56 support level holds, COMP could target $73.
- Current trading price is $58.46, reflecting a 10.5% increase in the last 24 hours.
- Market capitalization has risen by 10%, reaching approximately $517 million.
- COMP is trading at a 93.55% discount to its all-time high of $911.20.
Price Analysis
- COMP is above the critical $56 support level.
- The MACD indicates a potential bullish crossover, suggesting positive momentum.
- The RSI at 42.79 shows decreasing bearish pressure.
- A breakout above the 20-day EMA at $60.82 could lead to a target of $100.
- Bollinger Bands indicate an upward expansion of volatility.
- Next major resistance is at $62.16; failure to hold $56 could drop COMP to $42.68.
Source: TradingView
Source: TradingView