Compound

bullish

Resistance

Daily

<p>The Compound price prediction shows that COMP moves to the upside as any close above the $55 price mark is expected.</p> 
<h2 id="compound-comp-statistics-data">Compound (COMP) Statistics Data:</h2> 
<ul> 
 <li>Compound price now – $51.93</li> 
 <li>Compound market cap – $434.9 million</li> 
 <li>Compound circulating supply – 8.3 million</li> 
 <li>Compound total supply – 10 million</li> 
 <li>Compound Coinmarketcap ranking – #128</li> 
</ul> 
<p>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, <a href="https://insidebitcoins.com/news/compound-price-prediction-comp-rockets-9-higher-is-this-the-start-of-a-rally">COMP has surged by 103.48%, illustrating the potential rewards of timely investments</a>. 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.</p> 
<h2 id="comp-usd-market">COMP/USD Market</h2> 
<p>Key Levels:</p> 
<p>Resistance levels: $62, $64, $66</p> 
<p>Support levels: $42, $40, $38</p> 
<figure id="attachment_568433" aria-describedby="caption-attachment-568433" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-568433 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/08/COMPUSD_22082024.png" alt="Compound Price Prediction for Today, August 23 – COMP Technical Analysis" width="1437" height="741" srcset="https://insidebitcoins.com/wp-content/uploads/2024/08/COMPUSD_22082024.png 1437w, https://insidebitcoins.com/wp-content/uploads/2024/08/COMPUSD_22082024-300x155.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/08/COMPUSD_22082024-1024x528.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/08/COMPUSD_22082024-768x396.png 768w" sizes="(max-width: 1437px) 100vw, 1437px">
 <figcaption id="caption-attachment-568433" class="wp-caption-text">
  COMPUSD – Daily Chart
 </figcaption>
</figure> 
<p><a href="https://coinmarketcap.com/currencies/compound/">COMP/USD has recently broken out of a long-term downtrend channel, signaling a potential shift from its prolonged bearish trend</a>. 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.</p> 
<h2 id="compound-price-prediction-comp-price-heads-to-the-upside">Compound Price Prediction: COMP Price Heads to the Upside</h2> 
<p>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.</p> 
<p><iframe title="Its A $1000 Per Coin Move Of Compound (COMP)" width="640" height="360" src="https://www.youtube.com/embed/G3BRg5EcvJk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<p>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.</p> 
<h2 id="comp-btc-faces-the-north">COMP/BTC Faces the North</h2> 
<p>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, <a href="https://insidebitcoins.com/news/compound-price-prediction-comp-rockets-9-higher-is-this-the-start-of-a-rally">COMP/BTC is trading at 851 SAT as the next key resistance may be 955 SAT and above</a>.</p> 
<figure id="attachment_568432" aria-describedby="caption-attachment-568432" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-568432 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/08/COMPBTC_22082024.png" alt="Compound Price Prediction for Today, August 23 – COMP Technical Analysis" width="1437" height="741" srcset="https://insidebitcoins.com/wp-content/uploads/2024/08/COMPBTC_22082024.png 1437w, https://insidebitcoins.com/wp-content/uploads/2024/08/COMPBTC_22082024-300x155.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/08/COMPBTC_22082024-1024x528.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/08/COMPBTC_22082024-768x396.png 768w" sizes="(max-width: 1437px) 100vw, 1437px">
 <figcaption id="caption-attachment-568432" class="wp-caption-text">
  COMPBTC – Daily Chart
 </figcaption>
</figure> 
<p>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.</p> 
<p>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 $54 range highs.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24COMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$COMP</a></p> 
 <p>Keep an eye on this 6 month downtrend breaking.</p> 
 <p>If this level holds we can see a push to $54 range highs next. <a href="https://t.co/8xbeRSQZJK">pic.twitter.com/8xbeRSQZJK</a></p> 
 <p>— Crypto Shango (@shango83) <a href="https://twitter.com/shango83/status/1826640324330135868?ref_src=twsrc%5Etfw">August 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="alternatives-to-compound">Alternatives to Compound</h2> 
<p>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 <a href="https://insidebitcoins.com/visit/playdoge" rel="nofollow">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</a>. The project has raised over $6 million during its presale and has attracted significant attention across various media platforms.</p> 
<p><strong>PlayDoge: One of the Top 5 Meme Coins to Buy Before September</strong></p> 
<p><iframe title="Here are the top 5 Meme Coins to Buy Before September!!" width="640" height="360" src="https://www.youtube.com/embed/v_nC0PwMAM0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<p>Investing in PlayDoge now offers a unique opportunity to get in early on a rapidly growing project with immense potential. With $6.1 million already raised in its presale, the strong interest from investors and extensive media coverage highlight the buzz surrounding this play-to-earn game with a Doge theme. Don’t miss your chance to be part of this exciting journey before the presale ends – invest in PlayDoge now and maximize your potential returns.</p> 
<p><a href="https://insidebitcoins.com/visit/playdoge" rel="nofollow">Visit PlayDoge</a></p> 
<h2 id="related-news">Related News</h2> 
<ul> 
 <li><a href="https://insidebitcoins.com/news/compound-price-prediction-comp-rockets-9-higher-is-this-the-start-of-a-rally">Compound Price Prediction: COMP Rockets 9% Higher – Is This the Start of a Rally?</a></li> 
 <li><a href="https://insidebitcoins.com/news/playdoge-enters-final-6-days-of-sellout-presale-unveils-more-p2e-game-footage">PlayDoge Enters Final 6 Days Of Sellout Presale, Unveils More P2E Game Footage</a></li> 
</ul>

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

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