Compound is an interest distribution and DeFi lending protocol in which users stake their tokens in pools and borrowers can take a secured loan from any Compound pool. Anyway, compound has been in a downtrend for a while. Looking at the chart it seems price has made double bottom and also a triangle pattern is formed. Recently, compound popularity increased, and as a result, its price value, as well as volume, increased too. Now, we have to wait and see if the price can break this triangular pattern or not, for continuation.
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It seems Compound upward momentum is strong and price is trying to break above the current triangular pattern. After that, there is a horizontal resistance area that price will face and need to get pass it in order to continue upward. Let's see what happens.
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So, COMP broke out of oscillating area and is going up. Currently, COMP is passing through a major horizontal resistance area. If successful, and breaks the following line too, further rise is possible. Let's see what happens.
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So, COMP reached the upper blue line but couldn't break it, thus the correction started. It seems that COMP is moving in an inverted wedge pattern and is currently at the bottom. Let's see if COMP can bounce from this bottom and start another upward wave, and possibly reach the upper blue line again.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.