Compound (COMP) Price Analysis: Bullish Volatility Expansion into Price Discovery, Structural S/R Breached with Conviction

Compound (COMP) price has entered price discovery mode following Bitcoin and LINK. Key takeaways from today’s Daily COMP price analysis.

Local S/R and Bullish Volatility Expansions
Structural S/R Breached with Fibonacci Extension Targets
Volume Influx & RSI Bullish Control Zone

COMP Price Analysis: COMPUSDT Price Action Daily Chart

Preluding to the chart above, COMP Price Action found acceptance above the Local S/R before a strong expansion. This acceptance confirmed a Local S/R Flip Retest in a volatile zone, showing strength in the immediate short-term.

The Structural S/R was immediate resistance that got breached with conviction, allowing for COMP Price Discovery. Price Action of current is testing Key Fibonacci Extension targets that are posing as resistance.

A rejection of the 1.414 Extension has occurred, increasing the probability of a relapse into the Structural S/R for a flip retest confirmation.

The current Volume Profile is reading a clear influx as this rise in COMP price Action came to fruition. It is important for Price Action to have sustained follow through, failure will be indicative of weakness. The RSI is currently maintaining its Bullish Control Zone, remaining in these regions is acute for further upside.

Hope this article helps when making discretionary decisions.

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Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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