COMP Price Analysis: COMP Coin has been trading at the edge of the descending triangle pattern
- COMP Coin Price has been trading at the resistance zone of $ 200 over the last few days
- The coin has reached the ned of the descending triangle pattern, this pattern is generally a bearish reversal pattern
- RSI is indicating neutrality for the coin both on the daily as well as the hourly chart
COMP Coin Price has been on a descending triangle pattern since June 2021. The coin has been forming lower highs over the year. The coin has a strong support zone at $ 175 to $ 200. The coin has been trading in the support zone for the last month and a half. It remains to be seen in which direction the coin moves, as it is crucial for the coin’s future direction. The coin was in a brief uptrend in the descending pattern till September and since then the coin has been on a sliding down pattern. Relative Strength Index (RSI) is signaling neutrality with a bullish bias with the signal line making a crossover and the RSI level being below the 50 mark on the RSI chart.
COMP Coin Price has been trading in a trend zone between $ 176 and $ 200 over the last few days. The coin was trading in an upward sloping parallel channel for a brief period before breaking out of the pattern and falling into the current zone. The coin has been consistently trading near the resistance zone of $ 200 over the lsat couple of days and we can expect the coin to make crucial directional change during the next trading session. RSI indicates neutrality for the coin.
The coin is trading at the end of the descending triangle pattern, having said that the coin is trading at the resistance zone on the hourly chart. The coin’s price movement is crucial for its direction as the technical indicators are very strong.
Support: $ 176
Resistance: $ 200
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