Classification: IPTC: 04019000 • IAB-QAG: IAB13-3, IAB13
Please enjoy this #crypto content, Compound COMP/USD token prediction as price pumps Originally reported on coinjournal.net by Motiur Rahman
-
The compound token has added 4% in a day as the price defies a bear market
-
The protocol plays a role in the DeFi sector through crypto loans
-
COMP trades at double its June lows with more upside potential
Compound COMP/USD has gained by more than 4% in the past 24 hours. The gains defy a largely bearish crypto sentiment. Markets are still reeling from a hawkish Fed tone amid faster rate hikes. With no specific factors influencing COMP, buyers could be finding it attractive at low prices.
COMP was trading at $60 as of press time. The price is more than double the low of $27 reached in mid-June. However, the level is significantly low compared to a high of $240 at the beginning of the year. The token’s all-time high remains around $915 as of May 2021. A combination of factors, including tighter economies and the Ukrainian war, caused the decline.
Consequently, investors are finding Compound attractive at low prices. In particular, Compound promises to revolutionize the DeFi sector with crypto loans. The nascent sector presents a massive opportunity, but it will take time before its full potential is realized.
COMP maintains a short-term trend, recovering support level
eToro
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Buy COMP with eToro today
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Buy COMP with Bitstamp today
Source – TradingView
Technically, the Compound token trades at $56, which is now a support zone. The recent price pump has helped the token to rise above the 20-day and 50-day MA. The 20-day MA is about to close above the 50-day MA, confirming bullish momentum. The MACD indicator shows an increasing bullish momentum after a break above $56.
Concluding thoughts
The Compound token has the potential to continue rising from the current level. The token will face a minor resistance at $66. If the momentum remains, the key target for COMP will be $75.
‘News of the Day’ content, as reported by public domain newswires.
Source Information (if available)
It appears the above article may have originally appeared on coinjournal.net and has been shared elsewhere on the internet, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!