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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Compound (COMP) Explodes By 35% Intraday, But What’s Fueling The DeFi Token’s Rise?

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
compound defi money magnet rally

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Compound (COMP) one of the primary DeFi tokens that sparked the start of the crypto market’s hottest trend in years, is suddenly booming once again. The altcoin token has sharply risen by 35% intraday, as part of an ongoing over 90% climb so far in August.

But what’s driving the sudden resurgence in the DeFi token, and will gains in the cryptocurrency continue to compound?

Yield Farming, And The Unstoppable Decentralized Finance Trend

Compound’s launch on Coinbase in late June set the crypto market afire with a new buzzword: yield farming.

The asset allowed crypto holders to lend out their tokens in return for an APY. The potential profitability in lending sent the asset’s valuation into the stratosphere. But soon, a great rotation of capital took hold across the crypto market, prompting investors to seek out the next hot new DeFi superstar, and the altcoin corrected.

Analysts warned of this behavior, and it resulted in some traders getting burned when several projects crashed from their unstoppable surges. Still, the decentralized finance mini-bubble has yet to fully burst, and it may have prompted capital to rotate back into Compound where the trend first began.

compound compusd daily

COMPUSD Daily Price Chart - 35% Intraday ROI | Source: TradingView

Compound Continues To Provide Massive Crypto Returns, Over 35% Intraday

Over the last 24 hours, Compound surged by over 35% from under $200 a token to over $265 per COMP. Buzz surrounding a new YAM token may be causing the pump, however, it also could be from profit-taking in other projects perhaps making its way back into the DeFi token.

But this is crypto – a speculative asset class – and the recent DeFi and Uniswap boom by the day more closely resembles a bubble. Investors are irrational, money is being made around every turn, but it could all come crashing down if and when the bandwagon begins to teeter off course.

compound compusd august

COMPUSD Daily Price Chart - 96% Month-To-Date ROI | Source: TradingView

The difference between decentralized finance and past crypto bubbles is the fact that DeFi is a sustainable trend offering the market real value and an alternative to traditional finance. But as crypto investors tend to do, expectations far outweigh what’s realistic, and eventually, valuations receive a reality check.

When it comes to Compound, however, technicals suggest the altcoin’s rally has a lot more left to go. The Average Directional Index, a popular trend strength measuring tool, indicates that the bull trend hasn’t truly even begun.

compound adx

COMPUSD Daily Price Chart - Average Directional Index and DMI | Source: TradingView

According to the indicator, trends don’t truly begin to pick up strength until the indicator rises to a reading above 20. Currently, Compound is just below it at 18, but ready to push higher. A bullish crossover of the Directional Movement Index accompanying the ADX also points to further bullish momentum in the DeFi token.

With so much going for it, the cryptocurrency looks to be a diamond in the rough of a sea of DeFi projects vying for crypto capital.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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