Yesterday, Compound (COMP) increased by over 45% throughout the day. It came very close to reaching a new all-time high but has since pulled back a bit.
The COMP price has been increasing since Aug 2, when it reached a low of $110. From that low to its current price, COMP has increased by more than 96%.
COMP Nearly Cracks All-Time High
Yesterday’s candlestick was the biggest to date, measuring in at almost 46% from the bottom of the wick to the top. In addition, it had the highest volume to date. However, the price is today is still trading under the significant resistance area at $265, which is created by the all-time high price on June 26. The price made an attempt at moving above this level yesterday but was rejected all the way back down to today’s opening price of $218. While the RSI is inside the overbought territory, indicating that the move is extended, it has yet to generate any type of bearish divergence on the daily chart.
Wave Count
Cryptocurrency trader TheEWguy stated that the COMP price is likely to continue its upward movement towards a new all-time high and eventually reach $300.

Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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