COMP Price Chart Shows Potential for Further Growth
This week, the COMP price has experienced an impressive rally, gaining over 22% in just seven days. This surge has solidified COMP’s position as one of the top gainers in the market. However, according to one analyst, this rally is far from over.
The analyst, known as MyCryptoParadise on TradingView, has presented a bullish scenario for the COMP price. They believe that the altcoin could rise another 50% from its current level.
The analyst points to a double bottom formation on the price chart between August and September. This formation suggests that COMP has the potential to reach $66 after already surpassing $40.
MyCryptoParadise references a previous double bottom formation in June, which resulted in a significant surge of 269% for COMP. Applying this historical movement to the current formation could lead to a potential increase of 65-80%, according to the analyst.
If COMP follows a similar trend to June and experiences a surge of over 200%, its price could surpass $80.
Obstacles Ahead for COMP
While the forecast for the COMP price is optimistic, the analyst acknowledges that there are hurdles to overcome. A descending trend line has appeared on the chart, which must be surpassed for the double bottom formation to be completed.
The analyst also notes that there may be a retracement from $53 back down to $48 before momentum continues. Additionally, there are two significant resistance levels at $60 and $66, which could pose challenges for the rally.
Despite these obstacles, COMP is currently performing well in the market. It is currently the third-highest gainer and has seen a 10% increase in value in the last day. Its market cap now stands at $375 million.
Hot Take: COMP’s Rally Shows No Signs of Slowing Down
The recent rally of the COMP price has been impressive, and according to one analyst, there is still more room for growth. With a potential increase of 50% and the possibility of surpassing $66, COMP remains a top contender in the market. However, there are challenges to overcome, including a descending trend line and resistance levels at $60 and $66. Nevertheless, COMP continues to gain momentum and has proven to be one of the strongest performers in the current bear market. Keep an eye on COMP as it strives to break through these obstacles and continue its upward trajectory.
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