This week has seen the COMP worth placed on probably the most spectacular rallies amid the bear market. The value restoration has seen the digital asset achieve greater than 22% over a 7-day interval, cementing its place as a high gainer. However even with such an already vital achieve, one analyst believes that the rally is way from over.
COMP Worth Chart Exhibits Promise
Within the evaluation that presents probably the most bullish eventualities 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 unbelievable promise for the COMP worth, making an increase to $66 doable after already crossing $40.
MyCryptoParadise explains the chart utilizing the double backside that had shaped for the digital asset again in June. At the moment, the altcoin had undergone what they referred to as “a monumental breakout” that led to a 269% surge. Making use of this historic motion to the present double backside formation produces a possible 65-80% improve in accordance 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 might 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 shouldn’t be with out its hurdles. For the double backside to completely kind and full the development, it should overcome a descending development line that has reared its ugly head within the chart. Nevertheless, if COMP is profitable in beating this descending development line, then the formation shall be utterly performed out.
On the way in which up, the crypto analyst factors out a retracement from $53 again all the way down to the $48 stage earlier than the momentum continues. Following this, there’s a double Fibonacci resistance at $60, after which one other offered at $66, each of which show essentially the most resistance for the rally.
COMP is at present 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.
