Altcoin sentiment is running pretty hot—COMP surged 19% and hit 29.194, with 24-hour trading volume nearing 1 million.
Key data: COMP is currently at 25.536, up 19.05%. The 24-hour high is 29.194, the low is 21.199, and trading volume is 980395.53.
My take: This is a typical sentiment-driven rebound. The sizable gain suggests buyers are rushing in, but 29.194 is a significant resistance level. Whether the price can hold above it depends on trading volume.
Keep an eye on two things next: first, whether COMP can break above 29.194 on strong volume; second, whether it can hold the 21.199 level. If it breaks below that, a pullback may follow.
Key data: COMP is currently at 25.536, up 19.05%. The 24-hour high is 29.194, the low is 21.199, and trading volume is 980395.53.
My take: This is a typical sentiment-driven rebound. The sizable gain suggests buyers are rushing in, but 29.194 is a significant resistance level. Whether the price can hold above it depends on trading volume.
Keep an eye on two things next: first, whether COMP can break above 29.194 on strong volume; second, whether it can hold the 21.199 level. If it breaks below that, a pullback may follow.