- As COMP price approaches $80, it remains above the daily 50 EMA.
- Holding above key support levels, the price remains high
- The price of COMP varies in an asymmetrical triangle with high buy orders.
The price of the Compound (COMP) token is volatile recently as price ranges are set for the $80 range with Tether (USDT) in an asymmetrical triangle. Although the crypto market is in a volatile state, the price of Compound (COMP) has shown great strength as it tries to break out of the trading range. (Data from Binance)
Composite (COMP) price analysis on the weekly chart
Despite falling from $850 to $30, the all-time high is down more than 70%. COMP price failed to break above that range to a higher high and showed strong strength as it rose from the weekly lows of $30 to $60.
COMP price remained in range as it failed to break above the weekly resistance of $66 to move up to the $80 range.
For a better chance of trading higher, the price of COMP should break and close above $66. The price of COMP formed a high line that served as a support; A reversal of this resistance area to support would indicate further relief for the COMP price.
If the COMP price fails to break through this key resistance zone, we can see the COMP range price in this channel or test $40 and the lower support and demand zone for additional buy orders.
Weekly resistance for COMP price – 66 dollars
Weekly support for COMP price – $40.
COMP price analysis on daily (1D) chart
The daily time frame for COMP prices is still strong, with the price in a high volume asymmetrical triangle. Despite the rejection from $65, the price remains in the territory that forms an asymmetrical triangle, which increases in anticipation of a major breakout.
On the daily time frame, the price of COMP is currently trading at $61, above the 50 Exponential Moving Average (EMA), which serves as support for the price of COMP, and below the 200 EMA, the price of COMP at $54 corresponds to the support of the 50 EMA, at $ 80-$ 86 price corresponds to the resistance.
COMP price must break above this resistance to make a rally higher.
COMP’s Relative Strength Index (RSI) is above 60 on the daily chart, indicating further buying volume.
Daily resistance for COMP price – $66.
Daily support for COMP price – $54-$45.
Featured Image From zipmex, Charts From Tradingview