- COMP’s price rose more than 21% over the past 24 hours to trade at $79.46 at press time.
- The positive daily performance boosted COMP’s weekly performance to +52.20%.
- Technical indicators suggested that COMP may challenge the next resistance at $88.90 in the coming 48 hours.
Over the past day of trading, Compound (COMP), earned itself a spot on CoinMarketCap’s trading list after its price rose by more than 21%. As a result, the crypto was worth $79.46 at press time.
The positive daily performance ended up pushing COMP’s weekly performance further into the green to +52.20%. In addition to this, COMP’s monthly performance was also turning heads as the altcoin’s price was able to climb by 192.92% over the past 30 days.
Not only did COMP outperform the Dollar, it was also able to gain against the 2 market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. At press time, COMP was up 24.08% against BTC and 24.11% against ETH.
COMP’s market cap of $619,387,547 meant that it was ranked as the 67th largest crypto in terms of market capitalization. This placed it right behind Pepe (PEPE) in the 66th position and in front of eCash (XEC) in the 68th spot.
COMP’s price was able to break above the resistance at $74.77 over the past 24 hours. It then tried to do the same with the next major resistance level at $78.92 during yesterday’s trading session, but was only able to reach a high of $78.44 before closing yesterday’s daily candle at $76.17.
Earlier in today’s trading session, the altocoin’s price had briefly dropped below the recently-flipped $74.77 mark. Bulls had, however, given the crypto’s price a boost to trade back above the significant price point. This boost also resulted in COMP’s price overcoming the $78.92 resistance as well, where it continued to trade at press time.
If COMP is able to close today’s daily candle above $78.92, then it may attempt to climb to $88.90 in the next few days. Conversely, a daily close below this resistance level may put the crypto’s price at risk of falling to $74.77. Persistent sell volume may even drag COMP’s price to as low as $69.60 in the following week.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
