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

COMPUSD – Daily Chart

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 .

COMPBTC – Daily Chart

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.

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. Simultaneously, the PlayDoge is a meme coin currently in its pre-sale phase, linked to a play-to-earn game with a Doge theme that incorporates elements of the Tamagotchi game . The project has raised over $6 million during its presale and has attracted significant attention across various media platforms.

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