Ethereum

Compound

Arbitrum

Million

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The Compound’s price took rejection at $80 and decreased by 4.68% over the last week trading beneath the major EMA’s.</a> </li> 
 <li> <span>2</span> <a>The price of the Compound is trading at $40.6090 and the 52-week range is $23.3260 – $86.5480.</a> </li> 
</ul> 
<p>According to Compound, a leading decentralized finance (DeFi) protocol, which usually posts on the CoinMarketCap website, has announced the launch of a native USDC market on Arbitrum, a layer-2 scaling solution for Ethereum. Users can now lend and borrow USDC on Arbitrum with lower fees and higher throughput than on Ethereum.&nbsp;</p> 
<p>Moreover, users can also transfer native USDC from the Arbitrum market to other supported blockchains using Circle’s Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that burns and mints USDC across chains. This eliminates the need for users to bridge back to Ethereum and enhances the liquidity and interoperability of USDC in the multi-chain ecosystem.</p> 
<p>Compound rose by 1.35% in market value and by 69.32% in trading volume in the last 24 hours, as per Coinmarketcap which is a crypto data website. Its market value is $317,141,561 and its trading volume is $62,265,707. There are 7,827,218 COMP in circulation which is the amount of COMP coins that are circulating in the market and that are in public hands.</p> 
<p>According to Coingecko, a website that provides crypto data and information. The maximum market cap of Compound (COMP) is $405,949,495, assuming all 10 Million COMP tokens are issued today. This is called the fully diluted valuation (FDV) of COMP. However, the actual number of COMP tokens in circulation may be lower, depending on how they are distributed over time. Therefore, the FDV may not reflect the current market value of COMP.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-comp-comp-on-1-d-timeframe-strong"><strong>Technical Analysis Of COMP (COMP) on 1-D TimeFrame</strong></h2> 
<p>Compound price is falling and faced strong resistance at $80. It made lower highs and lows and declined drastically. On observing the charts in detail, it seems to be like a pump and a dump kind of scenario with the help of head and shoulder patterns in COMP price. First, the price rose at an accelerating rate and descended at the same speed.</p> 
<p>Compound price is now at $40.6090 and the price is facing resistance from EMAs and seems to be in a consolidation phase as it tried to reverse from the $35 support.</p> 
<p>The Compound price could ascend more if it breaks EMAs one by one. If more buying volume adds up, then the price might conquer rejecting EMAs by making higher highs and lows. Then, the next probable resistance levels could be $45 and $50 based on the previous highs and lows.</p> 
<p>The Compound price will drop further if it fails to break the current resistance and keeps falling. The next support levels could be $35 and $30.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/rkeHuWfrEkKpdwPPFI462CgPhxHkBWw1rkEMjA_6Y31NpxW6-Bkk31fDguZmDBidoaYnh2SnENdUaCyqbZckTYokHMByHXShSONhCQf5gvVmETpq07E8eTSWELbB2ol1Cfp4GJci90SQT6-H3A5oUA" alt="Compound Price Forecast 2023: Will COMP Deplete More or Sustain?"> 
  <figcaption class="wp-element-caption">
    Source: COMP/USD.1D.BITFINEX by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>At the time of publishing, the Compound price (COMP) is trading below the 20 and 50-day EMAs (exponential moving averages) and is rejecting the Compound price trend.&nbsp;</p> 
<p>The MACD line and the signal line are below the zero line and both lines crossed each other multiple times but the histogram gap is lean in the MACD oscillator, highlighting traits of lack of momentum in the COMP crypto market.&nbsp;</p> 
<p>The current value of the RSI is 47 points and the 14-day SMA is below the median line at 35 points indicating neutral to bearish sentiment. Collectively, the indicators’ outlook is neutral to bearish.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The Compound price prediction shows a neutral to bearish outlook from investors and traders in the daily time frame. COMP <a href="https://www.thecoinrepublic.com/2023/07/27/compound-price-surges-13-comp-crypto-preparing-for-100-00/" rel="noopener noreferrer nofollow">price</a> action reveals a neutral to downward trend at the time of writing. Moreover, the daily chart shows the COMP price trend is bearish, as the technical indicators suggest. The RSI, EMA, and MACD indicate that the price may either stay in a range or continue to decline.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels: </strong>$35 and $30</li> 
 <li><strong>Resistance levels: </strong>$45 and $50</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

Compound Price Forecast 2023: Will COMP Deplete More or Sustain?

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Thecoinrepublic.com

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