Compound Price Prediction: Will COMP Price Regain the $50 Mark?
- 1 Compound price prediction stays bullish for the long term till it sustains above $40.00.
- 2 COMP price is trying to climb above the 200-day EMA.
- 3 Compound crypto price is stuck in a consolidation range.
Compound price prediction stays bullish for the long term and suggests that the price will eventually go up after consolidation.
COMP price formed a strong base in the range between $34.00 to $40.00. So, a short-term sell-off is easily getting absorbed by the buyers.
Compound crypto price managed to climb above the 50-day EMA and showcases that bulls are returning on track. However, the 200-day EMA is acting as a hurdle and not letting the buyers continue the momentum.
In mid-September, COMP price attempted to break out of the $50 hurdle with a strong buying volume. However, buyers failed to give the follow-up momentum, and the up move ended as a bulls’ trap. Gradually, the price declined and retested the previous low.
In mid-October, COMP crypto price took support near $40.00 and the price again picked up momentum.
Compound price is trading at $45.25 with an intraday decline of 1.03%. The 24-hour volume to market cap is 15.95%. The pair of COMP/BTC is trading at $0.001326 with a one-day decline of -0.97%.
Will Compound Price Break the Higher Range?
Compound price prediction favors the bulls and suggests a significant rise is possible in the coming months.
The buying volume is also on the rise and the price is following the upward direction. It shows that big investors might be accumulating the COMP crypto at a cheap price and expecting outperformance.
Till the Compound price sustains above the $40.00 level, the bulls will remain active. The possibility of the $50.00 breakout will be high as well. However, in the worst-case scenario, if the COMP price drops below $40.00, then bears may try to pull it down to the yearly low.
COMP Price Showing Signs of Trend Reversal
COMP price is showing initial signs of the bullish trend reversal and buyers look more active as compared to sellers.
Meanwhile, the overall crypto market sentiment is positive, and BTC and ETH prices are performing well. So, the Compound price may also be positively impacted if the rally in crypto leaders continues.
The MACD curve slopes upward and sustains above the zero line indicating the strength of the bulls. The RSI at 58 denotes bulls are active and more rally is pending.
Conclusion
Compound price prediction is bullish for November 2023. The buyers are active and preparing for another attempt to break the $50.00 hurdle. The analysis suggests that the COMP price is in the bulls’ grip and is likely to regain the $50 mark.
Technical Levels
- Resistance levels: $50.55 and $60.21
- Support levels: $40.00 and $34.72
Disclaimer
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.