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.
Compound PA

Source: TradingView

Compound PA

Source: TradingView