COMP Technical Analysis: BuyingSpree Rests At 50-day EMA

The COMP coin price encounters an overflow in buying volume with the listing on Robinhood. Should you join the trend-based rally? Key technical points: The Compound token gets listed on Robinhood. The coin price has jumped 9.70% in the last 24 hours. Finally, the 24-hour trading volume of Compound is $155.35 Million, marking a 95% rise. Past Performance of COMP COMP coin price fell 32% within ten days resulting in a 100 and 50-day EMA fallout before finding support at the $115 mark. And, with the news of Compound getting listed on the Robinhood platform, the buyers hoard at $115, resulting in the 9.70% inflation. The reversal retests the 50-day EMA resulting in a hammer candle in the weekly chart. Source-Tradingview COMP Technical Analysis COMP coin price is yet to surpass the 50-day EMA and undermine the bearish engulfing candlestick of 12% made on April 11th. Hence, closing above the $140 mark will increase the chances of bullish continuation. The reversal rally strives to overtake the 50-day EMA line and challenge the falling 100-day EMA. Moreover, the 50-day EMA prepares to restart the uptrend and eye a bullish crossover of the 100-day EMA. RSI Indicator: The RSI slope retests the halfway line after the bearish influence imposed with the fall on April 11th. However, the falling slope of the 14-day SMA influences a bearish vibe. Stochastic RSI: The K and D lines give a bullish crossover in the oversold zone and are ready to...