Compound price prediction suggests a rally has just begun and this crypto may hit the three-digit mark in 2024. It sustains above the $50.00 level and buyers are trying their best to give the follow-up momentum.
COMP price is on a steady rise and managed to climb above the 50-day and 200-day EMA. It showcases that the short-term trend as well as the positional trend is in an upward direction.
Moreover, the EMAs displayed a golden crossover which triggered the positive sentiment and increased the participation of the investors.
Presently, buyers are trying to break out of the $60.00 supply zone to continue its dominance. But the price is consolidating near resistance denotes sellers are also active. So, investors need to be careful and wait for confirmation of the breakout for building fresh longs.
The buying volume is average and does not show any massive spike. It shows crypto whales are still out and might be waiting for a $60.00 breakout to build longs.
Currently, the Compound price is trading at $53.42 with an intraday rise of 2.14%. The 24-hour volume to market cap is 9.81%.
Will Compound Price Fly to the YTD High?
Compound price prediction suggests a rise and investors will be rewarded in the long run. The price has taken support near the demand zone and reversed upward. The bounce back is supported by genuine buying so the downside risk remains low.
The next phase of rally in COMP crypto will trigger when buyers can break out of the $60.00 hurdle. The price pattern shows bulls are more active as compared to bears so the probability of a breakout remains high.
The analysis suggests that if the breakout happens then the COMP price will fly to the year-to-date high.
COMP Price is Near the Equilibrium
On the weekly time frame chart, COMP price seems to be stuck in the wide range consolidation. At present, the price seems to be near the equilibrium and buyers can push the price higher to continue the recovery.
Compound crypto price is forming a doji candle indicating indecisiveness. So, it’s important for the buyers to break the $60.00 hurdle to continue the momentum.
The MACD curve lost momentum and sloped sideways. It indicates that the price may consolidate for some time before rising upward.
The RSI at 55 near the neutral territory shows that range bound trading is possible. The supertrend says, till price sustains above the $42.20 level, the short term trend will remain up.
Compound price prediction suggests buyers are active and the rally has just begun. If the momentum continues, then COMP price may hit three digit figures in 2024.
The analysis suggests that COMP crypto is in bulls’ grip and price is getting ready to break out of the $60.00 hurdle.
- Resistance levels: $59.87 and $85.83
- Support levels: $45.00 and $38.00
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.