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The Compound price surged 5% in the last 24 hours to trade at $51.61 as of 03:26 p.m. EST on trading volume that skyrocketed 63% to $86 million.
This comes despite Compound Finance passing a recent proposal that allocates 499,000 COMP tokens currently worth about $24 million to a yield-bearing protocol controlled by ”he Golden Boys,” a group led by Humpy.
The community sparked claims of a governance attack from community members who allege that the group was able to strong-arm the proposal through the approval process after acquiring large numbers of tokens on the open market.
But a new forum post by Bryan Colligan at Compound indicates the proposal is to be withdrawn.
Compound Price To Surge, Bulls To Capitalize On The Double Bottom Pattern
The Compound Price, from July 15 to July 21 was trading in a sideways pattern, as COMP traded within the $51.57 range, data from GeckoTerminal shows.
However, the price then corrected twice below this range to form a double bottom pattern, which the bulls aim to capitalize on to rally the price above the neckline at $52.25.
COMP price currently trades above both the 50-day and 200-day Simple Moving Averages (SMAs) on the 4-hour chart, which is an indication that the price is currently on a bullish run.
Furthermore, the Relative Strength Index (RSI) supports the bullish sentiments, as it shows that investors are currently buying, as the RSI climbs up, currently at 58.
The Moving Averages Convergence Divergence (MACD) is also bullish, as it climbs up towards the neutral line. The blue MACD line is also trading above the orange signal line, which represents a bullish crossover.
A bullish crossover, with the green bars extending above the zero line, shows that the token is currently on positive momentum, which, if sustained, could push the price of Compound higher.
Compound Price Prediction, Bulls Eyeing $60
The Compound price analysis shows a strong bullish momentum building up, as the investors aim to capitalize on the double bottom price to push the token above the neckline, as they target $60.
COMP price indicators, including the RSI and MACD, could encourage optimistic investors to buy more, which could propel the token towards the target. The golden cross at $49.06 is also a bullish factor.
However, with the RSI climbing up towards the 70-overbought region, the asset may become overvalued, which then may push the price down to the $49.19 support zone, which coincides with the 200-day SMA.
Meanwhile, as the Compound price surges, investors are also piling into the new Solana GameFi project Mega Dice (DICE).
The 99Bitcoins YouTube channel, with more than 706k subscribers, is upbeat on the project, predicting it could potentially soar 100X after its launch.
GameFi Sensation Mega Dice Zooms Past $1.67 Million In Blockbuster Presale
Mega Dice is a GameFi cryptocurrency initiative operating on the Solana network that has zoomed past $1.67 million in funds raised in its presale.
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The project stands out as a top brand in the crypto casino domain, boasting over 10,000 active players monthly and in excess of $50 million in monthly wagering. Players also enjoy over 4,000 casino games and 50 sports and eSports betting options.
Token holders also stand to share in the crypto casino’s profits daily through its unique staking system.
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Set to become the first GambleFi token on Solana, DICE aims to dethrone crypto casino titan Rollbit Coin.
To join the presale, you can buy $DICE on the official website here for $0.100254 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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