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Compound Price Prediction: COMP Rallies 12% – Is DeFi Heating Up Again?

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Ethereum’s Optimism, also known as OP, has captured attention within the trading community. Despite its recent bearish trend, buying activity for OP has increased, evidenced by a 27% surge in trading volume within just a day.

Compound COMP Previous Analysis

Descending Triangle Indicates Bearish Trend: OP’s current performance has been on a decline with a 6.4% drop to $1.41 as of 6:17 a.m. EST. The chart patterns display a descending triangle with one lower low and two lower highs, signaling a continuation of the bearish trend. This view is also supported by the 200-day simple moving average trading above the current price, suggesting sustained selling pressure.

RSI Trending Towards Bearishness: The Relative Strength Index (RSI), which currently trends at 51, leans closer to the neutral position. A further dip could take the RSI below 50, reinforcing the bearish perspective. Keeping an eye on key price levels such as $1.22 and $1.09 will be crucial.

Potential for Bullish Momentum: However, it’s not all gloom. If the bulls manage to push prices upwards, crucial price levels to monitor for potential upward shifts are $1.62 and $1.84.

Bullish Rectangle Upper Boundary Set for COMP Bulls

Compound Price Prediction
COMP/USD Price Chart. Source: Dextools.io

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