Compound Price Prediction: Bullish Movement Expected
The Compound price could experience a significant surge if it breaks above the upper boundary of the channel. Here is a breakdown of the key points:
- Compound price now – $74.56
- Compound market cap – $235.8 million
- Compound circulating supply – 7.7 million
- Compound total supply – 10 million
- Compound Coinmarketcap ranking – #67
COMP/USD Market
On the daily chart, COMP/USD is showing a new bullish movement after touching a low of $65.13. The coin is currently trading at $74.68 and is preparing to cross above the upper boundary of the channel. The bulls may try to collect more on price dips, while bears attempt to bring the price back below the daily high of $75.
Compound Price Prediction: Bullish Signals
To sustain the bullish movement, the Compound price needs to maintain the $74 level. The Relative Strength Index (14) is likely to cross into the overbought region, sending bullish signals that can encourage more buyers to enter the market. If the 9-day moving average crosses below the 21-day moving average, the price may slide to the support levels at $50, $45, and $40. A quick cross above the 70-level could result in another bullish rise, pushing the market to hit the resistance levels of $95, $100, and $105.
Bitcoin’s Impact on Compound
Bitcoin is currently above the 9-day and 21-day moving averages, indicating a potential upward movement. The Relative Strength Index (14) is around the 70-level. If the market continues to face north, Compound may experience additional gains if the bulls increase the pressure.
COMPBTC: Bearish Movement Warning
The daily chart shows a potential resistance level at 3100 SAT and above. Any bearish movement may cancel the bullish pattern and attract new sellers, with the next focus on the support level at 1600 SAT and below.
Compound Alternatives and Success
The Compound price is currently hovering around $74.68 with a bullish cross above the 9-day and 21-day moving averages. If the bulls continue to put pressure, the price may cross above the upper boundary of the channel. Additionally, the team behind Compound has shown success with token launches, as seen with the Wall Street Bulls NFT collection selling out in just over 30 minutes and raising over $16 million in the ongoing presale.
Hot Take:
The Compound price shows signs of a bullish movement, with potential resistance and support levels to watch. The success of previous token launches by the team behind Compound adds to the positive outlook. However, market conditions can change rapidly, so it’s important to stay updated on the latest developments.
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