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Compound COMP/USD token prediction as price pumps

Compound COMP/USD token prediction as price pumps

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  • The composite ticker has added 4% on the day as price defies a bear market

  • The protocol plays a role in the DeFi sector through cryptoloans

  • COMP is trading at double June lows and adding upside potential

COMP/USD is up more than 4% in the last 24 hours. The gains largely defy bearish crypto sentiment. Markets are still reeling from the Fed’s hawkish tone amid faster rate hikes. With no specific factors affecting COMP, buyers may find it attractive at low prices.

COMP was trading at $60 at press time. The price is more than double the $27 reached in mid-June. However, the level is significantly low compared to the high of $240 at the beginning of the year. The token’s all-time high is still around $915 in May 2021. The decline was caused by several factors, including economic tightening and the war in Ukraine.

Thus, investors find Compound attractive at low prices. In particular, Compound promises to revolutionize the DeFi sector with cryptoloans. The nascent sector offers a huge opportunity, but it will take some time to realize its full potential.

COMP maintains the short-term trend and returns to the support level

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Source – TradingView

Technically, the Compound token is trading at $56, which is now a support zone. The recent price pump has helped the token rise above the 20-day and 50-day MAs. The 20-day MA is closing above the 50-day MA, reinforcing bullish momentum. The MACD indicator is showing increasing bullish momentum after a break above $56.

Decision thoughts

The compound has the potential to continue its rise from the current level. There will be a small resistance for the token at $66. If the momentum holds, COMP’s main target is $75.

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