Compound Finance (COMP) Price Surges 50% as Upbit Lists the Cryptocurrency

COMP, the governance token of decentralized finance (DeFi) lending protocol Compound Finance, has risen by 50% in the last 24 hours.

The governance token for decentralized finance (DeFi) lending protocol Compound Finance, COMP, has surged by 50% in the last 24 hours. This move follows the listing of the cryptocurrency on South Korean exchange Upbit.

The exchange confirmed that it would be listing COMP exclusively against the Korean Won (KRW) pair. This action is expected to attract fresh liquidity and investor interest, driving the token higher.

The rally also marks one of COMP’s biggest moves in recent months, but key resistance levels could determine whether the uptrend continues. Here is an in-depth insight into COMP’s price potential going forward.

Compound Token Breaks Bearish Structure

The compound price was $38.83 during the intraday trading session. However, the announcement of its listing on Upbit triggered a sharp price surge.

This development saw the Relative Strength Index (RSI) reading climb to 63.43. The rise in the RSI reading indicates increasing bullish momentum.

If sustained, the Compound price might sustain the upswing.

Trading Volume Rises 10X

Following the development, on-chain data from Santiment showed that COMP’s trading volume surged. Earlier today, the volume was about $25 million.

However, after the exchange listing announcement, the altcoin’s trading volume climbed nearly tenfold and is now above $200 million.

Rising volume typically correlates with increasing interest in a cryptocurrency.

From a price perspective, when the volume rises alongside the price, it indicates market strength and is generally considered bullish. On the other hand, if the volume falls in this situation, it signifies weakness.

Therefore, if the volume increases, the Compound token price might continue to climb.

COMP Price Analysis: Higher Highs Possible

Zooming into the daily chart again, CCN observed that the Bull Bear Power (BBP) has been negative since March 28. Today, the BBP, which measures the strength of bulls (buyers) compared to bears (sellers), has risen to the positive region.

This change in trend indicates that buyers are in control. If sustained, this could drive Compound’s price higher. The Money Flow Index (MFI) reading has also climbed, validating the rise in buying pressure.

Should this trend continue, the COMP’s price might rise to the top of the wick at $67.42. If buying pressure intensifies, the token’s value could rise to the 0.618 Fibonacci level at $76.78.

On the flip side, if the volume around COMP plummets, this bullish outlook might not pass.

Instead, the cryptocurrency’s price might slide below the $59.82 resistance and could slide below the $40 mark.