Compound faces difficulties aligning with other cryptocurrencies‘ performance today. Over the past seven days, COMP has decreased by nearly 12.62%. Over the last 24 hours, the cryptocurrency has experienced a decline of 10% in its present valuation.
Meanwhile, COMP has a TVL of $1.37 billion, which has been steadily declining for the past few months, according to Defillama data.
Compound Price Action
The announcement of the SEC’s legal action against Binance significantly impacted Compound’s market performance. Before the Binance lawsuit disclosure on June 5, COMP held a value of $35.51. But after the news broke out, the market instability erupted, resulting in a swift decline of over 33% for COMP within five days.
However, a notable resurgence unfolded, with a 50% increase in value within just four days, propelling it to a peak of $44.83 by June 27. But this rally didn’t last long as COMP slumped into a bearish trend that saw it drop t significantly. Nonetheless, the token has found support at the $47 price level.
Compound Price Analysis Using Indicators
The chart shows that the asset is dropping toward the 200-Day Simple Moving Average (SMA) after breaking the 50-Day SMA, suggesting a bearish sentiment.
The MACD below the signal line indicates a potential weakening momentum and a bearish outlook. This suggests that the selling pressure has outweighed the buying pressure, leading to further price declines.
An RSI reading of 33 suggests that the cryptocurrency is approaching oversold territory. It could mean that the bears are approaching their peak strength and might recede if more people buy the dip in anticipation of a rebound. If this happens, COMP could witness a bullish rebound.
However, it’s crucial to note that an oversold reading doesn’t necessarily guarantee an immediate price reversal. If the price continues its downward trajectory and crosses below the 200-day SMA, it could signify a more substantial and sustained bearish trend.
A bounce off the 200-day SMA could lead to a temporary reversal, while a decisive break below it might indicate a prolonged bearish phase. Considering the analysis, traders must exercise caution as COMP could record more downward movement in the coming days.
COMP’s current market situation indicates proximity to the flip zone, a potential area for a bullish price rebound.
If the coin maintains its position within this zone, it could signal a positive trend reversal, and the price may hit the $89.58 resistance level. However, should the price breach below the flip zone, it may encounter support at $25.55.
Expert’s Prediction On COMP Price
Here’s what experts say about COMP’s price trajectory in the coming months. CoinCodex issued a short-term Compound price projection indicating a minor 14 %increase to $56.93 by August 20. The website’s technical analysis is bearish, as eight indicators signal positive outcomes, contrasting with only 21 bearish signals.
Regarding additional Compound price projections for 2023, CoinPriceForecast projected a short-term increase to $47.92, followed by a decline to $40.96 by year-end. Meanwhile, PricePrediction.net indicated an average value of $50.92, while DigitalCoinPrice projected a price surge, forecasting a trading value of $87.27 this year.
However, by 2025 made an optimistic prediction, suggesting that the coin could reach $209.8, while CoinPriceForecast said it would hit $63.11 by the mid-year before dropping to $61 in December.
Considering a distant projection for Compound’s price in 2030, PricePrediction suggested a value of $656.86 for COMP in that year. DigitalCoinPrice, on the other hand, placed it at $434.34 as the new decade commences.
Conversely, CoinPriceForecast anticipated a climb to $118.83 in June, further rising to $125.51 by the year’s end.
Wall Street Memes: The Next Big Thing!
>>>Visit Wall Street Memes Presale
Entering the cryptocurrency realm with vigor, Wall Street Memes (WSM) has harnessed humor and social media’s influence to propel its presale triumph. Supported by a strong community of meme enthusiasts, WSM utilizes viral content as a magnet for attention.
Wall Street Memes has raised over $24 million in token sales, selling at $0.0334 per token. Since WSM is a few inches closer to its $25.9 million presale hard cap, it could sell out in a few days, a limited time for investors to join.
WSM’s distinct strategy has intrigued investors and captured the broader audience’s imagination, showcasing its role as a testament to the dynamic evolution of cryptocurrency investments.
>>>Visit Wall Street Memes Presale
The presale’s triumph and substantial social media support indicate that Wall Street Memes might experience a substantial surge in value once it becomes available on exchanges. Prominent cryptocurrency analysts, including Satoshi Stacker, with an extensive YouTube subscriber base of nearly 300k, have recently spotlighted the coin.
Satoshi Stacker is the most recent among a series of cryptocurrency analysts who have identified the coin as presenting a substantial opportunity for success. Well-known cryptocurrency presale analysts envision the potential for Wall Street Memes (WSM) could increase by ten times after its launch.
Additionally, ongoing investments are consistently flowing into the Wall Street Memes ecosystem. Purchasers are excited due to its meme coin prospects and accomplished team, which has a history of evident accomplishments in the industry.
Wall Street was first initiated as a derivative of the renowned Wall Street Bets subreddit, contributing to GameStop stock’s rapid price escalation in early 2021.
Wall Street Meme and The X Platform CEO
>>>Visit Wall Street Memes Presale
Elon Musk, Tesla and X’s CEO and a prominent cryptocurrency enthusiast, has engaged with the Wall Street Memes Twitter account on various instances.
One such instance occurred when the account shared a video featuring Musk mentioning ‘inverse Jim Cramer,’ and another time when he responded to a Tweet regarding the former FTX CEO Sam Bankman-Fried, which the Wall Street Memes account had retweeted.
🤣
— Elon Musk (@elonmusk) April 22, 2023
Musk’s social media influence and potential engagement with the WSM’s X community indicate a likelihood of regular exposure to the content. The strong social media impact of the Wall Street Memes account has significantly contributed to presale investments, and it’s anticipated to elevate further. S
Read More
Zonia Pepper