Composite Crypto Price Prediction 2022
The Compound (COMP) crypto has pumped 4.56% today following the successful completion of the Ethereum merger earlier this morning.
As a result, the price of Compound is now trading at a flat $56.67 and may be heading back to the $60 price levels.
Will Compound crypto pump?
Composite Crypto Price Prediction 2022
At the time of writing this article, Compound crypto is trading within a symmetrical triangle pattern.
Because Compound crypto was in a downtrend before the formation of this triangle, it could be considered a bearish continuation chart pattern, although I don’t think this will be the case, as it looks like Compound may have bottomed.
After the May 2022 Terra Luna crypto crash, Bitcoin spun through the 200-week moving average and caused chaos across the crypto markets the following month.
This is where the Compound (COMP) crypto potentially bottomed out and hit a low of $26.25. Holders lucky enough to have scooped up that decline on June 18, 2022 would now still be up a generous 115%.
As we can see, the trajectory of Compound has been very bullish since the June 2022 bottom.
If Compound (COMP) crypto can maintain bullish price momentum, there is a good chance we can retest the Symmetrical Triangle resistance trendline at $68.22.
A successful breakout supported by a large amount of trading volume may indicate that Compound (COMP) crypto may try to test a key resistance level at $81.36 followed by the next technical target at $93.22.
Compound (COMP) is still significantly down from the all-time high of $913 set on May 10, 2021. The total price reduction has been a staggering 93.57%.
The current low prices of Compound (COMP) crypto can serve as lucrative for the patient long-term investor. Bear markets tend to be long and slow, but offer strong opportunities where many major blue-chip cryptocurrencies are in a reaccumulation phase of undervaluation.
On failure to break through the $68.22 resistance level, a bearish scenario is for the Compound (COMP) crypto to test a lower support area at $52.44 followed by the support trendline of the symmetrical triangle at $46.49.
The relative strength index still looks healthy against price, although I always prefer dollar collar cost averaging at RSI levels below 30.
As we can see from the price chart shown above, both of the oversold positions on the daily time frame provided traders with great returns.
Composite crypto video analysis
Compound (COMP) crypto now has a market cap of $415 million after the recent pump in the crypto market. According to Coinmarketcap, COMP has also regained the top 100 crypto position and is ranked #87.
While I don’t think Compound crypto will hit any new all-time highs this year, I speculate that there is a lot of room for growth in the long-term future where a 10x could be possible.
An exciting cryptocurrency known as Tamadoge is waiting to hit the crypto markets later this year, where we could also see exponential growth similar to Compound crypto when it goes public.
