CPOOL, the native token of institutional DeFi credit protocol Clearpool, went parabolic after Upbit announced its listing.
Summary
- Clearpool price surged over 70% after Upbit announced its support for the token.
- A descending parallel channel pattern has formed on the daily chart.
- A clean break from the $0.172 level could lead to an increase of over 40% for CPOOL.
According to data from crypto.news, Clearpool (CPOOL) rose 72% to an intraday high of $0.172 before settling at $0.134 at the time of writing.
CPOOL’s gains came alongside a 780% increase in its daily trading volume in the spot market, suggesting strong investor demand. Data CoinGlass’s also noted a massive increase in open interest in its futures market, with OI rising nearly 3,000% to $3.69 million, suggesting growing speculative interest.
A closer look at the long/short ratio across all exchanges also stood at 1.14. This means that more traders have turned to bullish bets, a factor that could continue to drive positive sentiment among new investors.
Clearpool price soared today shortly after South Korean cryptocurrency exchange Upbit announced would include the token on its platform. Listings on major exchanges like Upbit, which boasts the largest trading volume in South Korea, often improve a token’s visibility and credibility, attracting a wave of new investors and triggering strong price gains.
As previously reported by crypto.news, ORCA, the native token of Solana-based DEX Orca, rallied over 200% shortly after a similar listing announcement from Upbit.
However, investors should note that quote-based and community-driven rallies often face sharp pullbacks within days as traders begin to book profits.
For the uninitiated, Clearpool is a decentralized institutional lending protocol that connects verified institutional borrowers with unsecured liquidity from DeFi lenders. The CPOOL token enables staking, governing and incentivizing participants within the Clearpool protocol.
Clearpool Price Analysis
According to the daily chart, CPOOL price broke the upper boundary of the descending parallel channel that was forming since mid-August.
Descending parallel channel patterns usually show a token making lower highs and lower lows. The price is moving within two parallel lines with a downward slope, forming a constant bearish trend. If the price breaks above the upper line, it often indicates a bullish reversal. But if it falls below the lower level, it usually means that the downtrend will continue.
Technical indicators support the bullish outlook at the time of this publication. Notably, the MACD line crossed above the signal line, indicating that momentum continues to shift in favor of the bulls. Meanwhile, the RSI has risen sharply to 57, breaking above its neutral zone, which in turn suggests renewed buying pressure.
For now, the key resistance lies near $0.172, the intraday high formed today. This level also closely matches the 61.8% Fibonacci retracement plotted from the August 23 high to the October 10 low, a critical zone that often acts as a major turning point.
A decisive break above this resistance could prompt bulls to target $0.190, a level where buying momentum had previously stalled, making it a key near-term psychological barrier. This level is 42% above the current price level.
On the downside, a drop below $0.116, corresponding to the 23.6% Fibonacci retracement level, could negate the current rally and tilt the momentum in favor of the bears.
Disclosure: This article does not represent investment advice. The content and materials appearing on this page are for educational purposes only.
