Compound Technical Analysis: COMP/USD up 200% in two days and positions itself rank 25th on the cryptocurrency ladder
- COMP/USD only started trading two days ago but it’s already ranked 25th by market capitalization.
- The total value locked on Compound is $399 million at the time of writing blasting through the previous ATH at $183 million.
Compound allows users to earn interest and borrow assets against collateral. The platform has existed since late-2018 but its token only started trading a few days ago. COMP is up by more than 200% in the last two days and it’s already ranked 25th with a $493 market capitalization. COMP is rapidly getting listed on major exchanges, Coinbase Pro just announced it will list COMP next.
COMP/USD 30-minute chart
Obviously, because of the momentum of the move up, the pullback has been notable, dropping from $243 to $182 in a matter of hours. For now, COMP is holding the 26-EMA at $184 and it’s looking to set a lower high or directly a higher high if there is enough buying strength left.
The trading volume has been increasing over the past few hours and will most likely continue increasing considering all the new exchanges that will list COMP in the near future.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
