Compound looking to breach $60 level soon: COMP Price Prediction

Compound (COMP) is the native governance token of the Compound protocol, which allows users to lend and borrow various cryptocurrencies in a decentralized manner.

It is forming ascending triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

• Price: $44.89
• Market Cap: $394.42 million
• 24h Trading Volume: $27.64 million
• Circulating Supply: 8.79 million COMP

Price remains in a downtrend, however, we’re seeing some improvements as price made a Higher High and Higher Low, which are signs of potential bullish trend reversal. Price is trading in an Ascending Triangle. 

Swing Traders: can trade the triangle, enter near triangle support trendline ~$45 with potential upside to $55 resistance (also 200-day moving average). 

Trend traders: wait for a breakout above $55 resistance, which would signal resumption of Uptrend.

The price has experienced fluctuations over the past week, aligning with general DeFi market conditions:

• 7-day Price Change: -3.2%
• Weekly High: $46.20
• Weekly Low: $44.32

The COMP token is facing resistance levels, particularly around the $46 mark, where sellers are holding strong.

• RSI: ranging within 30-70, indicating that COMP is neither overbought nor oversold.
• MACD: shows no clear bearish or bullish signals.
• Moving Averages: Both the 50-day and 200-day moving averages are above the current price, potentially acting as resistance.

• DeFi Expansion: Compound continues to attract attention as a leading protocol in decentralized finance.
• Governance Influence: COMP token holders are highly active in proposing and voting on protocol changes.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

• FTX Debtors’ Alarming Chapter 11 Plan Sparks Outcry Over Valuation