technical analysis and trade signals for the $COMP /USDT pair with three target levels and trade momentum:
1. Current Price: $122.30
COMP is currently trading around the $122.30 mark, showing a significant price increase of +38.57% over the last 24 hours. The recent momentum indicates strong bullish movement, especially with a breakout from the low of $84.51 to the recent high of $125.00.
2. Support & Resistance Levels:
Support: $84.51 (24h Low)
This is a key support level that acted as a strong base for the current upward movement. If the price retraces, this could be a good entry point for long positions.
Resistance: $125.00 (24h High)
This level is likely to act as resistance, and a break above it could lead to further bullish movement. Watch for a breakout above this level for a potential continuation of the uptrend.
Trade Signals and Target Levels:
1. Long Position Entry:
Entry Point: $121.50 to $122.00 (current price zone)
Enter a long position with confirmation of upward momentum near the current price range, preferably on a pullback or minor retracement.
2. Target Levels (🎯):
Target 1: $125.50
Reason: This level is just above the recent 24h high of $125.00. A break above this could signal further bullish continuation.
Target 2: $130.00
Reason: A psychological resistance level. If the price breaks above $125.50, $130.00 is the next key resistance zone.
Target 3: $135.00
Reason: This is the next key psychological resistance, and it could act as the ultimate target in a strong bullish rally.
3. Stop Loss:
Stop Loss: $115.00
Reason: A stop loss below the support zone at $115.00 ensures the protection of capital in case of any sharp reversal. It aligns just below the most recent consolidation level.
Trade Momentum:
Bullish Momentum: The market is currently in a strong uptrend, as indicated by the price rally from $84.51 to $125.00. This momentum suggests that further upside potential exists, especially if it breaks past resistance levels.