Compound Crypto (COMP) Price Gains 17%, Escapes Consolidation

The Compound crypto (COMP) price has shown a surge of over 17% in the past 24 hours. The decentralized token is shining brightness among the altcoins today. It became the most gaining altcoin among the top 100 cryptos according to market size.

COMP, A native token of compound crypto, currently trades at $47.93 with an Intraday gain of over 17%. The token has also surged by more than 22% in a week, showing a strong market momentum.

The daily chart witnesses the breakout of a 40-day consolidation. The Compound crypto price consolidated in a range of 12 to 15% to gain buying volume at the lows. The crypto price chart also witnessed a breakout of 50-day and 200-day EMA, indicating bulls’ intent to surge the price higher.

Some Analysts observe that COMP is rewarding its ecosystem members who build useful solutions. One of them is GreenYield, a start-up that was recognized recently. The Compound ecosystem is happy with these incentives, which also boost the token’s price performance. The DeFi sector’s strength also supports the bullish outlook of COMP.

Compound Price Esacpes A 40-Day Consolidation.

COMP’s daily chart looks bullish in the short term. The price has escaped the consolidation and might gain more in the upcoming sessions. The compound price has made its way from a low of $35 to currently at $47.93 at the time of writing.

The price is nearing a round level of $50, which might be a hurdle for the crypto. The breakout of which may take the Compound’s price to upper supply levels. The price is bullish in the short term, which might add up more buying volume, and the price may surge higher.

Also, the volume analysis shows that the COMP token has received a $178.8 Million volume in the past 24 hours, which is 462.53% more than the past day. The volume-to-market cap is 45.17%, indicating mild volatility in the crypto.

Technical Indicators Show Optimistic Trend.

As per the EMA analysis, the COMP price showed a breakout of the 50-day EMA and 200-day EMA, indicating a strong uptrend in the short term.

At the time of publishing, the RSI value of the COMP token is 65.4, and that of the SMA line is 58.2. RSI is headed upwards, taking support from the SMA line, indicating an optimistic trend.

MACD lines have made a bullish crossover. Also, Histogram bars are being formed above the mean line with increasing height, indicating buyers dominating in the short term.

Conclusion

Compound (COMP) is a decentralized token that has surged by over 17% in 24 hours, becoming the top gainer among altcoins. The price has broken out of a 40-day consolidation and crossed the 50-day and 200-day EMA, showing a bullish trend. The token is trading at $47.93 and may face resistance at $50. The volume has increased by 462.53%, indicating high volatility. COMP is rewarding its ecosystem members who build useful solutions, such as GreenYield. The DeFi sector’s strength also supports the bullish outlook of COMP.

Technical Levels

Support levels: $36.06 and $31.5.
Resistance levels: $50.5 and $55.3.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.