Potential Surge Ahead: Compound (COMP) Price Poised for a 30% Upward Rally in the Near Future
The price of Compound (COMP) has confirmed the previous resistance as support and broken through the short-term resistance. This could push the price higher in the coming days.
Significant Resistance Breakout
The price of Compound (COMP) has been on the rise since touching a low of $35 on September 11, 2023. The upward momentum has been gradual since then.
However, a positive sign is that the price has broken above the strong resistance zone at $57 and confirmed it as support on December 31 (green arrow). This indicates that the bulls have taken control of the market, and the upward momentum may accelerate soon.
The daily RSI (Relative Strength Index) has broken above the descending divergence line (red line) and is above 50, supporting the potential for further gains.
Therefore, the COMP price could rise to the next resistance zone at $80. This figure corresponds to a 30.50% increase from the current price level.
The 2-hour chart shows that the COMP price has broken above a small resistance zone at $60. As this was a key level of the previous short-term downtrend (red arrow line), breaking above it indicates the end of this short-term downtrend.
The 2-hour RSI has surged above the 50 level, supporting the continuation of the upward trend.
Therefore, the COMP price could rise to the $68 level in the coming days.
The most likely scenario suggests that the COMP price will continue to rise in the near future. The immediate target is found at $68, with further potential to reach $80.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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