Compound (COMP) Soars Following Upbit Listing Announcement – Are More Gains Ahead?

Date: Tue, April 01, 2025 | 07:42 AM GMT

In the fast-moving world of cryptocurrency, Compound (COMP), a decentralized finance (DeFi) protocol running on Ethereum, has surged into the spotlight. Its native ERC-20 governance token, COMP, has seen a remarkable 37% price increase in the last hour, spurred by a major listing announcement.

Source: Coinmarketcap

Upbit Announces Compound (COMP) Listing

The sharp rise in COMP's price follows the announcement from Upbit, South Korea's largest cryptocurrency exchange, confirming that it will list COMP for trading. The exchange has scheduled the commencement of trading for 16:35 KST on April 1, 2025, in the KRW market pair.

Source: @Official_Upbit (X)

This listing is expected to significantly boost COMP's liquidity and market exposure, attracting new traders and potentially driving further demand for the token. Given Upbit's status as one of the most influential exchanges in South Korea, the listing could lead to heightened interest from retail and institutional investors alike.

Are More Gains Ahead?

A technical analysis of COMP's daily chart suggests that the token has recently broken out from a falling wedge pattern—a historically bullish indicator. During the recent market-wide downturn, COMP successfully retested the breakout trendline around the $39 range, reaffirming strong support at this level.

Compound (COMP) Daily Chart/Coinsprobe (Source: Tradingview)

With today's listing news, COMP experienced a sharp surge, reaching a local high of $65. However, it faced immediate resistance from the 100-day and 200-day moving averages (DMA) and is now trading at around $55, maintaining support above the 50-day moving average.

If COMP manages to break above these key resistance levels, a strong bullish rally could be on the horizon. The next significant resistance sits at $91, which represents a potential 62% increase from the current price levels. A confirmed breakout above this mark could pave the way for even higher price targets in the near future.

As the market digests the impact of the Upbit listing, traders will closely watch for further price action and technical confirmations to gauge whether COMP can sustain its upward momentum.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions in the cryptocurrency market.

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