The Bitcoin bull run was accompanied by many of the older tokens seeing massive gains in November, and Compound crypto joined that list.
was on a strong bullish trend after breaking the 4-month range highs at $54.6. On Wednesday, the 4th of November, COMP gained 37.7%, going from $87.34 to $120.28. The price had surged all the way to $144 but selling pressure forced the bulls backward.
This retracement was followed by a consolidation phase around the $40 mark. The range formation extended from $33.84 to $54.44, with the mid-point at $44.36. Since the range breakout on the 22nd of November that saw the token hit $64.6 on that day, Compound crypto is up 77%. The A/D indicator was in a steady uptrend in recent months even while prices consolidated, indicating accumulation. The MACD showed strong bullish momentum as well.
The A/D indicator was in a steady uptrend on the weekly timeframe as well. Meanwhile, the RSI was at 80, above any highs it has made in close to four years. It is likely that Compound crypto will reach $200 in the coming weeks.
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