Compound (COMP), at the time of penning down, was trading at $166.45 and is ranked amongst the top 50 cryptos of the global market. Compound is the newest crypto but has lured an approximate market cap of over $400 million. COMP token is holding a flattish momentum with a slow and steady drop from trading around $280 to dropping as low as $120 at the onset of the ongoing month just when BTC plummeted to $10.5 after breaching above $12k momentarily.
Compound Price Analysis
Compound token is holding a positive intraday crossover on the 8-hourly chart and holds complete support from 21-day MA but lacks support from 10-day MA at $167.11. The price trend of COMP/USD is near hitting the 20-day upper Bollinger Band with intraday bullish divergence. Compound price after hitting the recent low around $120 has strengthened by approximately over 35% in just ten days. The currency holds a significant potential of trading with the utmost market capitalization growth.
The MACD crosses above the signal lien due to intraday positive bias on the 8-hourly chart, and the RSI is also hinting towards the spiking demand at 59.88.