Compound Price Prediction: Can COMP Continue its Rise To $100?

• Compound price prediction delivers information about the bullish price action over the past few days.
• COMP crypto price delivered a Year-to-Date profit of 115.42%
• COMP is trying to retest the resistance level of $65, which may help it to resume the bullish momentum.

Compound’s (COMP) price prediction shares insights on bullish market sentiments for the COMP crypto. Since June 2023. Prior to this, the market faced the bears, who were responsible for depreciating the value of the COMP token by 60%. The price started its fall after rejecting the resistance of $65 and plunged down to the crucial level of $23.05. However, the bulls accumulated the dip aggressively, which pulled the price from the bears’ grip.

At the time of writing, the current market price of Compound is $67.23. The 24-hour trading volume surged 42.49%. The market is down 4.13% in the last 24 hours. The overall market cap of COMP is $523,695,270.

Can COMP Continue its Bullish Rally to Upper Levels?

Compound’s (COMP) price reveals that the buyers began their dominance after the dip in June 2023. The Bulls demonstrated a bullish rally of 250% from their swing low. The Comp crypto price escalated above the resistance of $65, peaking at $85.90. This marked the formation of a new high since June 2022, making it the new 52-week high.

The strong Bullish sentiments broke multiple resistance levels, along with the 9, 15, and 200 EMAs. This means that the bears couldn’t defend these levels and surrendered to the bulls. The COMP token has flipped bullish since June 2023, which is evident by the volume bars, showing bullish dominance.

Will Compound Rebound From The Pullback?

The COMP crypto price shows bullish strength on the 4-hour chart. The momentum has faded as the price corrected 20% from its swing high. The price may retrace to test the 200 EMA before resuming its bullish momentum. At present, the price is trying to retest the resistance of $65.

The Volume is declining with the price. The COMP token price may consolidate for a while before it gains back its bullish momentum. The market is moving around the 9 and 15 EMAs, which have turned flat. This represents a sideways market condition, highlighting the distribution phase of the market.

RSI

The RSI indicator is currently at 33.64 It represents bearish to sideways conditions where the price may continue to fall until RSI exceeds 50. Aggressive selling may happen only if RSI goes below 30

MACD

MACD has made a bearish crossover, where the indicator has descended below the 0 line. This is a sell signal and the price may slide down until the MACD makes a bullish crossover.

200 EMA

On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support and the price may move up until it crosses below the 200 EMA.

Conclusion

Compound’s (COMP) price prediction shares insights on bullish market sentiments for the COMP crypto. The positive impact at the support levels helped the market ascend to new highs in the short term. This has sparked interest among investors who are waiting for a pullback or a bullish pattern for a new entry. The present market condition is volatile. It would be best to follow a risk management plan to minimize the risks and capitalize on the bullish momentum.

Technical Levels

• Support Level: The nearest support level is $22.95
• Resistance Level: The nearest resistance level is $32.26

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.