Compound Forecast: COMP Eyes $50 Resistance Level

Join Our Telegram channel to stay up to date on breaking news coverage

Compound (COMP) has drawn significant interest in the cryptocurrency market amid a notable price increase. CoinMarketCap data shows the coin ranks among the top gainers in the crypto market over the past 24 hours.

Traders and investors keenly observe the token’s performance, anticipating whether it will reach the $50 price threshold. But will COMP sustain the ongoing rally?

Compound Price Analysis – COMP May Go Bullish

The Compound price has been stable around the $40 level since August 17, when the market dropped to the region. But today, September 13, following the positive outlook in the general crypto market, which is up by almost 1 %, COMP is also in an uptrend move.

According to CoinMarketCap, the coin is trading at $41 as of 7:42 a.m. EST, with a trading volume of over $74 million. This represents a more than 11% price growth in the past 24-hour trading period.

Also, the seven-day trading data show that the bulls are still in control of the market in a longer timeframe. COMP is on an upward trajectory from the above chart, heading toward the 50-day Simple Moving Average (SMA).

COMP’s current position suggests increased buying strength from traders and investors. Following the chart, COMP faces stiff resistance at the $45 (200-day MA) price level as the bears around this zone intend to prevent a further uptick.

However, the long green candlestick formed today shows the bulls are active and attempting to force a breakout towards the 50-day MA at the $49 price level. In addition, the MACD being above the signal line is another good sign, suggesting a solid buy pressure in the market.

Moreover, the Relative Strength Index has increased to 47, moving upward toward the overbought area, confirming the entrance of more buyers. In summary, the coin’s movement has upward momentum and could surge higher if the buyer or the bulls can sustain the present in the market.

However, there is still uncertainty in the market since COMP’s RSI is still in the neutral zone. The bulls must apply more pressure to sustain the uptrend and successfully push the token to the $50 level.

Recent Development Boast Investor’s Confidence in COMP

On September 06, Compound Labs tweeted that the USDC market on Arbitrum has been integrated into the Compound ecosystem.

The native USDC market on @arbitrum is live on Compound.

Users can transfer native USDC from the Arbitrum market to different chains via @circle Cross-Chain Transfer Protocol (CCTP), without needing to bridge back to Ethereum.

View the new market:https://t.co/9yObhMLsMP

— Compound Labs (@compoundfinance) September 6, 2023

This development empowers users with newfound flexibility in managing their assets. Through Circle’s advanced Cross-Chain Transfer Protocol (CCTP), individuals can seamlessly transfer their native USDC holdings across different blockchain networks.

This innovative approach eliminates the conventional necessity of routing transactions back through the Ethereum network, streamlining the process and reducing associated costs.

Such interoperability enhances the efficiency of cross-chain transactions and opens up exciting opportunities for users to explore various DeFi ecosystems quickly and confidently.

Also, this integration may lead to increased activity and liquidity on the Compound platform, as it offers users a more efficient way to interact with USDC across different blockchain networks.

COMP Alternative – New Stake-to-Earn Token BTCBSC Raises $1.4M Under One Week

The freshly launched Bitcoin BSC ($BTCBSC) cryptocurrency is causing quite a buzz this week as it raises over $1.4 million in its presale. Investors are eagerly jumping in as it offers them a chance to acquire the token for less than $1.

The project’s momentum has caught the attention of crypto enthusiasts, who are optimistic about its potential surge when it debuts on decentralized exchanges (DEXs). They anticipate that its staking mechanism will potentially lead to a significant decrease in available supply, which could trigger a swift price uptick.

Bitcoin BSC’s Innovative Staking Model and Rewards Structure

Bitcoin BSC’s standout feature lies in its staking system, designed to ease selling pressure at launch and offer long-term benefits to holders.

Participants staking $BTCBSC receive a portion of rewards through the eco-friendly PoS mining consensus mechanism. According to the Bitcoin BSC whitepaper, any unsold tokens, totaling at least 14.455 million $BTCBSC, will be securely locked in the staking contract to distribute rewards post-presale.

The staking pool is operational, granting 0.25 BTCBSC per block in rewards. Stakers enjoy an estimated annualized percentage yield (APY) exceeding 350%. The verified staking contract disburses $BTCBSC tokens following the same reward schedule as the original Bitcoin, spanning 120 years.

Bitcoin BSC: Presale Buzz and Unique Staking System

Bitcoin BSC is gaining traction on social media thanks to its unique staking system. Influencers like Jacob Crypto Bury even talk about its potential, suggesting a 10x return for early backers.

Experts believe the staking could lead to a supply shortage, as most $BTCBSC will be locked in the staking contract. New investors might face higher prices when it launches on platforms like Uniswap. Interested prospects should visit the official presale site to get more information on how to participate.