Compound token jumps 7% to complete a successful breakout above $55
COMP’s buyer interest started to grow at the $26 bottom
Comp is now a buy above $55 as the price turns bullish
Compound COMP/USD continues with its bullish surge. At press time, the cryptocurrency was trading at $61 after posting a 7.62% jump in 24 hours. The gains in the last week now total 27%. However, it is the key breakout that makes a bull case strong.
COMP gains follow growing optimism on Ethereum blockchain and improving crypto sentiment. An announcement on July 14 indicated that Ethereum’s move to PoS could occur in September. As one of Ethereum’s tokens, COMP could be getting boosts. However, COMP was rising even before the announcement, indicating that buyer interest is high. The bottom price was marked at $26. The latest breakout is an opportunity for buyers to ride COMP to higher levels.
Compound establishes $55 as a new support zone after the breakout
Source – TradingView
A bullish breakout candlestick can be seen towering above COMP’s $55 price. A breakout means buyers have managed to clear the $55 resistance, which was holding back the price. COMP has turned $55 into support, and investors should buy now as a bullish momentum starts.
We set the first target at $73, which is the potential resistance. From there, COMP could rise to reclaim the next resistance at almost $100. That, of course, depends on the prevailing crypto sentiment. What we promise now is that COMP has room for an upside potential above $55.
Summary
The compound token has broken past resistance at $55. Improved crypto market sentiment and Ethereum fundamentals drive the surge. COMP is a buy above $55, and investors should target $73 as the next potential resistance. Higher gains are possible if the crypto sentiment is sustained.
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