This week has seen the COMP worth placed on one of the crucial spectacular rallies amid the bear market. The worth restoration has seen the digital asset acquire greater than 22% over a 7-day interval, cementing its place as a prime gainer. However even with such an already vital acquire, one analyst believes that the rally is much from over.
COMP Worth Chart Reveals Promise
Within the evaluation that presents one of the crucial bullish situations to this point for the COMP worth, a pseudonymous analyst who goes by MyCryptoParadise on TradingView has put ahead that the altcoin might nonetheless rise one other 50% from right here.
The chart shared by the analyst factors to a double backside that was marked between August and September. On the finish of this double backside lies unimaginable promise for the COMP worth, making an increase to $66 attainable after already crossing $40.
MyCryptoParadise explains the chart utilizing the double backside that had shaped for the digital asset again in June. Right now, the altcoin had undergone what they referred to as “a monumental breakout” that resulted in a 269% surge. Making use of this historic motion to the present double backside formation produces a possible 65-80% improve in line with the analyst.
“Within the occasion of such a breakout, we anticipate a exceptional worth improve starting from 65% to 80%. Notably, this aligns with the positions of two pivotal double Fibonacci resistance ranges at $60.65 and $66.00,” the analyst explains.
COMP prediction to $66 | Supply: Tradingview.com
If the digital asset does comply with the June development to a T and mount an over 200% surge, it will imply the COMP worth might cross $80.
Nonetheless Some Hurdles To Scale
Though the forecast for the COMP worth stays very bullish, the analyst factors out that this formation just isn’t with out its hurdles. For the double backside to totally type and full the development, it should overcome a descending development line that has reared its ugly head within the chart. Nonetheless, if COMP is profitable in beating this descending development line, then the formation shall be fully performed out.
On the way in which up, the crypto analyst factors out a retracement from $53 again right down to the $48 stage earlier than the momentum continues. Following this, there’s a double Fibonacci resistance at $60, after which one other introduced at $66, each of which show probably the most resistance for the rally.
COMP is presently the third-highest gainer within the final day after rising over 10% to cross $47. Its worth is up roughly 22% on the weekly chart, bringing its market cap to $375 million.
