Key Takeaways
- Upbit’s announcement of COMP for trading sees its price rally to $80 within a few hours of trading.
- COMP’s market sentiment shifted from bearish to bullish following its price breaking out of its accumulation zone of $40.
- If the price of Upbit closes above $60, flipping its resistance to support, we could see the price gain more rally to the upside.
Upbit, a South Korean exchange, made a big announcement listing Compound (COMP) on its platform and allowing its users to trade COMP on the Upbit KRW market. This sent shockwaves of buy orders for Compound (COMP), positively affecting its price, as the price rallied by over 70% to a high of $52.
The news has led to many buy orders for Compound (COMP), as the price has gained much price action to the upside, breaking above its three-month highs despite the cryptocurrency market facing many price uncertainties in the last couple of months. The price looks like it could resume a strong price rally to the upside.
How Upbit Announcement Could Impact Compound (COMP)
According to RodMaartin, a top crypto expert, he believes the price of COMP has broken out of a bullish pattern called the power of 3 (PO3) as the price of Compound, if it goes as planned, could see a historical rally towards a high of $100 or more in the coming days or weeks.
The addition of Compound (COMP) by the South Korean exchange Upbit is a game-changer despite strong regulatory scrutiny, as its announcement highlights the use of the Ethereum network for deposit and withdrawal of Compound (COMP).
This announcement by Upbit also gives more attention to COMP assets as a top DeFi contributor, thus attracting crypto traders and investors. This will increase strong volume and liquidity for trading COMP for traders across the exchange.
Market sentiment for Compound (COMP) has changed following recent price action. Traders believe the price could see a significant rally to new monthly highs if it continues to hold above the highs of $49, where it has suffered a significant decline in the past few months.
Crypto Experts Market Reaction To COMP Rally
After Upbit’s announcement, COMP’s price broke out of its accumulation below $40 to a high of $80 within a few hours. The price has seen significant retracement, trading around $45, still below its 50-day and 200-day EMAs (Exponential Moving Averages), which act as resistance for the price from trading to new monthly highs.
If the price of Compound (COMP) breaks above $60 and closes above this region on the daily timeframe, we could see a price rally with strong price momentum to the upside of $100.
According to CrypCoinMaster, if the price of COMP flips its resistance of $50 into support, the price has more potential to rally higher.
A key area of interest for COMP remains around $45 to $50, as the price is expected to turn this region into support for its price rally.
