$COMP $COMP
$COMP /USDT Short Trade Analysis:
Current Price: $46.37
Resistance Levels:
1. Primary Resistance: $48.00 (24h high) — A critical resistance level where price is struggling to break above.
2. Secondary Resistance: $48.46 — A slightly higher level, based on previous highs.
Entry Point:
Short Entry: Enter the short position near $47.50 - $48.00, aiming for the market to reject the resistance at these levels.
Stop Loss:
Stop Loss: Set a stop loss just above $48.50 - $49.00 to limit potential loss in case the price breaks out above resistance and continues higher.
Take Profit Levels:
Target 1: $45.11 (immediate support level).
Target 2: $42.88 (24h low) — A stronger support level, which could be the final target.
Reasoning:
COMP/USDT has been trading near its resistance levels around $48.00 and $48.46. A rejection at these levels could signal a price drop toward the support levels at $45.11 and $42.88.
The recent price action indicates a potential pullback from these resistance zones, making it a favorable opportunity to short the asset.
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