Compound Technical Analysis: COMP/USD explodes 40% towards $270 after a long period of consolidation
|- COMP/USD is now trading at $241 after trading in a slow and descending pattern.
- COMP bulls have been really active in the past week.
The trading volume of COMP has increased massively over the past 24 hours from an average of $55 million to $485 million currently.
COMP/USD daily chart
COMP was trading below the 12-EMA for weeks. This resistance level became the most crucial one in the short-term and it wasn’t until August 7 that bulls had a significant breakout above both EMAs.
Now the 12-EMA and the 26-EMA have crossed bullishly and COMP is getting a ton of continuation to the upside with a massive increase in trading volume.
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