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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.
Compound Technical Analysis: COMP/USD explodes 40% towards $270 after a long period of consolidation
Lorenzo StroeLorenzo StroeIndependent Analyst

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

COMPUSD

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.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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