Compound COMP/USD token prediction as price pumps


  • 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

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from.

Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.


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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.



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