Compound (COMP) Gains Over 10%

The Compound token has registered a price increase of 10.23%, placing it in the second spot on the daily crypto movers list. Market activity for this token suggests that further increases are possible, albeit likely after a pullback.

Market Statistics

Current Price: $54.42

Market Capitalization: $507.24M

Circulating Supply: 9.39M

Total Supply: 10M

CoinMarketCap Rank: 126

Key Price Levels

Resistance: $60.00, $65.00, $70.00

Support: $50.00, $45.00, $40.00

Compound Maintains Strong Momentum

The COMP/USDT daily chart shows price action holding significant bullish momentum, with the price having breached the $50 mark.

The latest candlestick on the chart is large, though it has a noticeable upper shadow, indicating that downward pressure acted during the session. Even so, the candle’s closing price tests the upper boundary of the Bollinger Bands (BB) indicator.

Similarly, the Stochastic Relative Strength Index (SRSI) lines maintain an upward trajectory into the overbought region. This suggests that bullish forces may continue pushing prices higher despite potential short-term pullbacks.

COMP Investors Eye the $60 Mark

On the 4-hour chart, buying activity remains dominant. However, the most recent candlestick suggests tightening market conditions, as it appears similar to a red doji. Still, trading remains above the upper boundary of the BB indicator.

Additionally, the SRSI lines appear converged but retain a slight upward slope as they continue into the overbought region. Therefore, the market may still advance toward the $60 level, even if progress slows.

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