Compound Price Analysis: COMP Token Price Trends Higher, Uptrend Initiated

  • Comp coin price finds support near the $350 mark leading to a price jump of 15% in a day.
  • The coin price trades slightly below the 200-day EMA that may soon be breached. 
  • The pair COMP/BTC with an intraday gain of +7.72% trades at 0.01217 BTC.

COMP token price faced rejection near the $550 mark resulting in the formation of a higher high. The downfall led the price back to the $350 mark where the price eventually found a demand zone. 

The demand zone helped the price rise above 15% in a day with a morning star pattern. The support resulted in the price forming a higher low projecting the start of an uptrend. 

COMP token price trades at $390.36, rising market capital by 15.86% in the past 24 hours with a boom of 33.63% in the intraday trading volume. The price jump backed with increased buying volume points out the increase in the number of buyers.

V-Shaped Recovery Strengthens Uptrend in COMP Token Price

COMP token price rose higher thanks to the v-shaped recovery further backed with increase in trading volume projects strong bullish side. The token price may shortly continue the uptrend leading to formation of higher highshigh in different timeframes.

As per the price action analysis, COMP token price may support at $350 and $200 if the trend reverses abruptly. However, if the token price continues to move higherhiger then the opposition near the $550 and $650 marks may push the price back.

The coin price is trading above all the critical EMAs- 50, 100, 200 in the 4-hour technical chart. Moreover, the EMAs may shortly generate a bullish crossover signal due to positive slope movement.

The Relative strength indicator (bullish) indicates bullish momentum in COMP token price as the slope of RSI is spiked and might soon head to the overbought zone. 

Conclusion- The COMP token price has tested a crucial support level that may help push the price higher and help in formation of a strong uptrend. Investors with bullish hope may find an entry spot above the $550 mark if the price sustains above it. 

Support – $350 and $200

Resistance– $550 and $650.

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