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Wednesday, October 5, 2022
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    HomeMarketCompound COMP/USD token prediction as price pumps

    Compound COMP/USD token prediction as price pumps

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    • The compound token has added 4% in a day as the value defies a bear market

    • The protocol performs a task within the DeFi sector by means of crypto loans

    • COMP trades at double its June lows with extra upside potential

    Compound COMP/USD has gained by greater than 4% up to now 24 hours. The features defy a largely bearish crypto sentiment. Markets are nonetheless reeling from a hawkish Fed tone amid quicker charge hikes. With no particular elements influencing COMP, consumers may very well be discovering it enticing at low costs.

    COMP was buying and selling at $60 as of press time. The worth is greater than double the low of $27 reached in mid-June. Nevertheless, the extent is considerably low in comparison with a excessive of $240 firstly of the yr. The token’s all-time excessive stays round $915 as of Might 2021. A mix of things, together with tighter economies and the Ukrainian conflict, induced the decline.

    Consequently, traders are discovering Compound enticing at low costs. Particularly, Compound guarantees to revolutionize the DeFi sector with crypto loans. The nascent sector presents an enormous alternative, however it should take time earlier than its full potential is realized.

    COMP maintains a short-term development, recovering help degree

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    Supply – TradingView

    Technically, the Compound token trades at $56, which is now a help zone. The current value pump has helped the token to rise above the 20-day and 50-day MA. The 20-day MA is about to shut above the 50-day MA, confirming bullish momentum. The MACD indicator exhibits an rising bullish momentum after a break above $56.

    Concluding ideas

    The Compound token has the potential to proceed rising from the present degree. The token will face a minor resistance at $66. If the momentum stays, the important thing goal for COMP might be $75.



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