The compound price has been following a steep upswing since the beginning of the month and has surged over 120% to mark interim highs above $70. Presently, the bears are extracting some profits, so the prices are experiencing a minor pullback. However, the bulls also appear to be sure enough of the next price action, which intends to clear the crucial $65 resistance and reclaim the highs above $70.
The COMP price ended the June trade on a positive note and maintained a fine upswing throughout the first few days of July, which was followed by a correction. After closing in the red for six consecutive days, the COMP price bounced to 300 EMA. Now that the price has undergone enough bullish action, will it maintain the same momentum?
The compound has moved ahead of the others and surged by more than 10% in the past 24 hours. The EMA-300 appears to be at very strong levels, and hence the prevailing correction may end up testing these levels again. Further, a retest may be triggered, which may result in additional growth. The FIB levels above mention the next course of action for the COMP price and the path that may lead the price towards the $100 milestone.
The Compound price is currently trading at $59.14, a huge jump of 10.75%. The trading volume experienced a massive influx of liquidity as it soared by 226.20%, standing at $142.08 million, while the market cap is around $449.08 million. The token during the 2021 bull run has recorded a high at $911.20 in just a few weeks and hence has the potential to go long with a slight change in the market conditions.
