- Compound’s price surges by 3.69%, reaching $74.66.
- COMP surpasses Bitcoin and Ethereum in 24-hour performance.
- COMP’s trading volume increases by 200%, reaching $169,596,804.
Compound (COMP), a decentralized finance (DeFi) lending platform, defied the prevailing bearish sentiment in today’s digital currency ecosystem, exhibiting a remarkable, bullish momentum. CoinMarketCap reported a surge of 3.69% in COMP’s price, reaching $74.66. This impressive performance is particularly noteworthy considering the significant losses suffered by many leading cryptocurrencies during this period of pronounced bearishness.
COMP’s 24-hour performance has propelled the altcoin to a position of strength, surpassing the market leaders Bitcoin (BTC) and Ethereum (ETH). Currently, COMP has experienced a notable increase of 3.13% and 3.75% against BTC and ETH, respectively. Additionally, the trading volume of this cryptocurrency has surged by an impressive 200%, reaching a substantial $169,596,804.
The remarkable surge in the cryptocurrency price has resulted in immediate profits and propelled its weekly performance even higher, reaching an impressive +11.33% gain. COMP’s recent achievement has captured the attention of the DeFi community, especially considering the recent security breach experienced by Curve Finance.
As of publication, the Curve DAO (CRV) token experienced a significant decline of over 12% due to the compromise of Vyper 0.2.15 caused by a faulty re-entrance lock. Interestingly, Compound, despite operating in a closely related niche, was capitalizing on Curve’s difficulties rather than facing a decline itself.
During today’s trading session, COMP’s price attempted to surpass the crucial resistance level of $74.66. However, bears successfully pushed it back below this level, indicating dominance. Consequently, the altcoin’s price is currently consolidating around the 9-day Exponential Moving Average (EMA) line.
Suppose a breach is below this particular technical indicator. In that case, the COMP price may face downside risk, declining towards the 20-day EMA line at $68.28 and the subsequent significant support level at $66.66. If the selling pressure persists, there is even a potential for the altcoin’s price to reach as low as $59.27, should it break below the positive trend line established on its daily chart over the past few weeks.
Alternatively, should COMP achieve a daily close above the established $74.66 level, it could pave the way for a rise towards $85.19 within the upcoming week. It is important to note that this optimistic outlook would be invalid if COMP were to conclude a daily candle below the 9-day EMA line within the next 48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
