{"id":443904,"date":"2023-10-05T11:38:57","date_gmt":"2023-10-05T11:38:57","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=443904"},"modified":"2023-10-05T11:38:57","modified_gmt":"2023-10-05T11:38:57","slug":"compound-price-prediction-comp-rallies-12-is-defi-heating-up-again","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/compound-price-prediction-comp-rallies-12-is-defi-heating-up-again","title":{"rendered":"Compound Price Prediction: COMP Rallies 12% \u2013 Is DeFi Heating Up Again?"},"content":{"rendered":"

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.<\/p>\n

Compound COMP <\/span>Previous Analysis<\/h2>\n

Descending Triangle Indicates Bearish Trend:<\/strong> 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.<\/p>\n

RSI Trending Towards Bearishness:<\/strong> 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.<\/p>\n

Potential for Bullish Momentum:<\/strong> 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.<\/p>\n

Bullish Rectangle Upper Boundary Set for COMP Bulls<\/h2>\n
\"Compound
COMP\/USD Price Chart. Source: Dextools.io<\/figcaption><\/figure>\n

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Meme Kombat (MK) Presale Surpasses $121,000 in Funds Raised<\/h2>\n

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— Crypto Tony (@CryptoTony__) September 28, 2023<\/a><\/p><\/blockquote>\n