Anticipating COMP’s Surge: Compound Price Forecast Suggests Potential for Significant Growth Following 7% Increase

Anticipating COMP's Surge: Compound Price Forecast Suggests Potential for Significant Growth Following 7% Increase

COMP Faces Resistance at $42 as Bears Take Control

After a fall to $40 in mid-August, the COMP token has struggled to maintain any rally attempts. It has lost 29% in the the previous  30 days, with a 3% decline in the last week. Despite the fact that COMP saw a surge of 13% on September 13, hitting a peak of $41.89, the bears quickly took control and pushed the token back below $42.

As of September 14, COMP is currently worth $38.80, down by 6%, with a 35% decrease in volume of trading. The $42 price level continues  to act as strong resistance for COMP.

Analysis: Critical Moving Averages Suggest Uncertain Future for COMP

The chart indicates that COMP is as of now trading below the critical moving averages, signaling a bearish market trend. The Relative Strength Index (RSI) stands at 39, indicating sell pressure on COMP. Nonetheless, the Moving Average Intersection Divergence (MACD) shows buyers returning and could potentially lead to a positive trend turn  for COMP if momentum increases.

Coinbase Secures Complete License for Expanding Cryptocurrency Payment Services in Singapore

Bargain Investors May Trigger an Uptick for COMP

Regardless of facing resistance at $42, COMP is trading over the level of support at $36.79. If it falls below this level, it might attract more buyers looking for lower prices, which might push the price over $42 in the coming days.

Compound Reacts to United States Inflation Data

The most recent United States inflation data has had a modest impact on digital currency prices. Growing gasoline prices have been a primary driver of inflation, causing concern between investors and leading to retracement in altcoins like Compound (COMP). In addition, COMP’s interest rates are as of now not competitive compared to other investment alternatives, potentially leading investors to seek alternatives.

Top Trader Predicts Ethereum to Outperform Bitcoin Again, Following May 2021 Crypto Collapse

Consider Bitcoin (BTC) BSC for Attractive APY Returns

For investors looking to diversify their cryptocurrency investments, Bitcoin (BTC) BSC ($BTCBSC) is a promising stake-to-earn project. With over 860,000 BTCBSC tokens staked and an estimated yield of 307%, the project has garnered whole lot of attention within a short period.

The BTCBSC token is as of now in its presale stages, with over $1.7 Million raised towards the $3.96 Million target. Interested investors can take part in the presale using BNB, USDT, or ETH.

Latest Crypto News: HTX Suffers Massive 5000 ETH Loss in Major Cyber Attack and More

Hot Take: Compound Faces Resistance as Investors Seek Alternatives

Compound (COMP) has struggled to maintain a rally and faces resistance at $42. Regardless of recent price movements, the critical moving averages and RSI suggest uncertainty in COMP’s future. Growing inflation and non-competitive interest rates have led some investors to seek alternatives to Compound. In the meantime, Bitcoin (BTC) BSC offers attractive APY returns and has gained whole lot of attention during its presale stages. As investors look for new doors, COMP may continue to face challenges unless it can provide competitive returns for its users.

Steady Dogecoin Price Surges to $0.062, Maintaining Stability
Author – Contributor at | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Follow us

Latest Crypto News

Share via
Share via
Send this to a friend