Compound Price Prediction for Today, August 23 – COMP Technical Analysis

The
Compound
price
prediction
shows
that
COMP
moves
to
the
upside
as
any
close
above
the
$55
price
mark
is
expected.

Compound
(COMP)
Statistics
Data:

• Compound
  price
  now
  –
  $51.93
• Compound
  market
  cap
  –
  $434.9
  million
• Compound
  circulating
  supply
  –
  8.3
  million
• Compound
  total
  supply
  –
  10
  million
• Compound
  Coinmarketcap
  ranking
  –
  #128

Getting
involved
in
crypto
projects
early
can
often
lead
to
significant
returns.
Take
Compound
(COMP)
as
an
example:
the
token
experienced
considerable
price
fluctuations
after
hitting
its
lowest
point
of
$25.55
on
June
10,
2023.
Since
that
low,

COMP
has
surged
by
103.48%,
illustrating
the
potential
rewards
of
timely
investments.
Meanwhile,
COMP’s
price
was
once
as
high
as
$911.20
on
May
12,
2021,
marking
a
steep
decline
of
94.3%
from
that
peak
to
where
it
stands
now.
This
contrast
underscores
the
volatility
and
timing
importance
in
the
crypto
market.

COMP/USD
Market

Key
Levels:

Resistance
levels:
$62,
$64,
$66

Support
levels:
$42,
$40,
$38

COMP/USD
has
recently
broken
out
of
a
long-term
downtrend
channel,
signaling
a
potential
shift
from
its
prolonged
bearish
trend.
Following
this
breakout,
COMP
has
formed
a
falling
wedge
pattern,
a
technical
structure
often
associated
with
bullish
continuation.
The
price
is
currently
testing
the
resistance
of
this
wedge,
making
it
a
critical
point
for
determining
the
next
move.

Compound
Price
Prediction:
COMP
Price
Heads
to
the
Upside

The
Compound
price
could
start
to
perform
well,
potentially
reaching
the
resistance
levels
at
$62,
$64,
and
$66.
However,
if
the
technical
indicators
shift
quickly
downward,
the
price
might
fall
below
the
channel’s
lower
boundary,
possibly
driving
the
market
down
to
the
support
levels
of
$42,
$40,
and
$38.
Meanwhile,
the
9-day
moving
average
is
giving
a
bullish
cross
above
the
21-day
moving
average,
which
may
suggest
a
strengthening
bullish
momentum.

Nonetheless,
if
COMP
breaks
out
above
the
upper
boundary
of
the
channel,
it
could
trigger
a
significant
upward
move,
with
an
initial
target
of
around
$55.
This
level
is
crucial
as
it
has
historically
acted
as
both
support
and
resistance.
Should
the
price
surpass
this,
the
next
resistance
is
around
$58,
corresponding
to
the
ascending
channel’s
upper
boundary,
with
a
potential
further
target
at
$60.

COMP/BTC
Faces
the
North

Against
Bitcoin,
as
the
red
line
of
9-day
MA
remains
above
the
green
line
of
21-day
MA,
the
market
price
may
begin
the
upward
movement
within
the
channel.
Meanwhile,

COMP/BTC
is
trading
at
851
SAT
as
the
next
key
resistance
may
be
955
SAT
and
above.

On
the
downside,
a
possible
bearish
movement
below
the
9-day
and
21-day
moving
averages
may
come
into
play,
when
this
is
done,
the
support
level
of
750
SAT
and
below
could
be
visited.
However,
the
market
may
continue
to
have
a
bullish
day
because
the
9-day
MA
remains
above
the
21-day
MA,
suggesting
more
bullish
signals.

Moreover,
@shango83
alerted
his
8,000+
followers
on
X
(Formerly
Twitter)
to
monitor
a
potential
breakout
from
a
six-month
downtrend.
He
noted
that
if
the
current
level
holds,
there
could
be
a
push
toward
the
$54
range
highs.

$COMP

Keep
an
eye
on
this
6
month
downtrend
breaking.

If
this
level
holds
we
can
see
a
push
to
$54
range
highs
next.

pic.twitter.com/8xbeRSQZJK

—
Crypto
Shango
(@shango83)

August
22,
2024

Alternatives
to
Compound

The
daily
chart
for
Compound
(COMP)
shows
signs
of
a
potential
bullish
trend,
with
a
breakout
from
the
downtrend
hinting
that
COMP
could
climb
to
$65,
the
peak
of
the
previous
channel.
This
breakout
suggests
a
promising
upside
if
the
positive
momentum
persists.
However,
if
the
price
faces
resistance,
there
might
be
a
pullback
to
lower
support
levels,
warranting
careful
observation.
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