$COMP / USDT ā Testing Key Support After Recent Peak š
$COMP is currently trading at $41.95, down by -2.58% today. The 4-hour chart shows a significant pullback after reaching a high of $43.97. Price is now testing the $41.95 level, which coincides with the 24-hour low and appears to be a crucial support area.
š§ Potential Scenarios:
Bounce from Support:
* Potential Entry: Look for potential long entries if COM shows signs of bouncing off the $41.95 support level, with confirming bullish candlestick patterns.
* Initial Take Profit (TP): Target the $43.00 level, which represents a previous area of resistance.
* Further Take Profit (TP2): Aim for the recent high of $43.97 if bullish momentum strengthens.
* Stop Loss (SL): Place your stop loss just below the $41.95 support, perhaps around $41.70, to protect against a breakdown.
Breakdown of Support:
* Potential Entry: Consider a short entry if COM breaks decisively below the $41.95 level with increasing selling volume.
* Initial Take Profit (TP): Target the $41.00 level, which could act as the next support.
* Further Take Profit (TP2): Aim for lower levels if bearish momentum persists.
* Stop Loss (SL): Place your stop loss just above the $42.00 level to protect against a false breakdown.
ā ļø Outlook:
$COMP is at a critical point. The reaction at the $41.95 support level will likely determine the short-term direction. The 24-hour volume of 47,464.19 COMP suggests moderate trading activity. Monitor price action and volume closely for confirmation of a bounce or a breakdown.
