Compound (COMP) has been quite interesting lately! Let’s take a look at the recent chart patterns and indicators:
Triangle Breakout Potential:
On the daily chart, COMP is forming a triangle pattern. This suggests a potential for volatility change.
The price action within the triangle hints at an upcoming bullish cycle, which could lead to a breakout.
If this breakout occurs successfully, COMP’s price could surge to approximately $77. 🚀
Short-Term Outlook:
In the short term, there’s a Wyckoff accumulation pattern. The purple box represents the SOS (Sign of Strength) area.
Price looks poised to break out, with an upside target around $66.
RSI and OBV:
The RSI (Relative Strength Index) is currently in a neutral zone, indicating a balanced trend.
The OBV (On-Balance Volume) is flat but hitting resistance. A break above this could lead to movement toward $57-59.
Bearish Scenarios:
On the 1-hour chart, there’s a bearish breakout scenario. If COMP breaks below the $51.85 support level, we might see further downside.
Similarly, on the 4-hour chart, a downward break of $52.93 could signal a bearish trend reversal.
Remember, market conditions can change rapidly, so keep an eye on the charts and stay informed! 📈🔍
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