COMP Technical Analysis: Bullish Week Pays Off With Trendline Breakout

COMP price experiences a sudden growth in demand, completing a bullish pattern and teases a price jump of 35% to reach $75. Key technical points: COMP prices have jumped by 12.31% in the last 24 hours. The price action forms a cup and handle pattern with a neckline at the $55 mark. The 24-hour trading volume of Compound is $130 Million, indicating a rise of 15%. Past Performance of COMP The COMP price shows an incredible increase in buying pressure, evident by the 13% jump in the last 24 hours. The bullish demand forms an engulfing candle that exceeds the 50-day average line in the long-coming resistance trendline. Additionally, the price jump completes the couple handle pattern with the neckline at $55 teasing a price jump to the $75 resistance level. Source- Tradingview COMP Technical Analysis The COMP price jump fails to find the bullish commitment in the trading volume as it spikes not as per the expectation. However, traders can expect the uptrend to continue above the 50-day average line to reach the $75 mark. The vortex indicator shows the VI lines crossing over to regain a positive alignment and signals a bullish trend reversal. The stochastic RSI indicator shows the K and D lines reversing from the oversold boundary leading to a bullish crossover event. Hence the indicator signals a bull cycle emotion which increases the likelihood of a cup and handle breakout. In a nutshell, the COMP price action analysis finds the s...