{"id":27329,"date":"2023-07-26T18:53:01","date_gmt":"2023-07-26T22:53:01","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27329"},"modified":"2023-07-26T18:53:01","modified_gmt":"2023-07-26T22:53:01","slug":"compound-comp-bulls-strengthen-market-control-with-13-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/26\/compound-comp-bulls-strengthen-market-control-with-13-rally\/","title":{"rendered":"Compound (COMP) Bulls Strengthen Market Control With 13% Rally"},"content":{"rendered":"

COMP, THE native token of Compound Finance, has seen its market price rise significantly on Wednesday, emerging as the top gainer of the day. According to data from CoinMarketCap<\/a>, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market.<\/p>\n

Initially, COMP began the week with a bearish trend, declining by 16% to trade at $59.14 on Tuesday. However, after touching this price level, the token began showing signs of recovery moving its market price to $62.34 at the close of Tuesday\u2019s market.\u00a0<\/p>\n

In the early hours of Wednesday, COMP gained over 11%, hitting a price of $69.84, and has since been hovering around that price region. Looking at its broader price movement, COMP has recently been among the most popular tokens, gaining over 90.55% in the last four weeks.\u00a0<\/p>\n

COMP Price Analysis And Prediction<\/h2>\n

According to Compound\u2019s daily chart, its Moving Average Convergence Divergence (MACD) has crossed below its signal line, indicating a bearish trend may soon occur. Based on its current price movement, COMP is currently consolidating around the $69.70 price zone.<\/p>\n

Related Reading: Compound (COMP) Token Rallies Over 100% After CEO Quits \u2013 Details<\/a><\/p>\n

If COMP bulls are able to significantly strengthen their grip on the market, the DeFi coin may break out of this zone, trading as high as $78.67. This indicates a potential 12% on its current market price.\u00a0<\/p>\n

On the other hand, if the bears reassume market control, COMP is expected to retest at $55.72, which marks its imminent major support level. However, with significant selling pressure, COMP could trade as low as $22.97.<\/p>\n

It is worth stating that traders should watch out for the impending Fed interest rate announcement, which may likely play a role in the token\u2019s short-term price movement.\u00a0<\/p>\n

At the time of writing, Compound is changing hands at $69.41, with a 0.89% gain in the last hour. The token\u2019s daily trading volume is valued at $186.71 million, having gone up by 31.28%. With a market cap of $541.25 million, COMP ranks as the 71st largest cryptocurrency.<\/p>\n\n

Fed Interest Rate Decision Approaches<\/h2>\n

In other news, the crypto space and the general financial markets are anticipating the interest rate decision by the United States Federal Reserve (Fed) on Wednesday.\u00a0<\/p>\n

It is widely expected<\/a> that the American apex bank will announce a 25 basis points rate hike, bringing the current interest rate to 5.5%. This would mark the 11th rise in the Fed\u2019s interest rate since early 2022.\u00a0<\/p>\n

Related Reading: Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here\u2019s Why<\/a><\/p>\n

An increase in interest rates is generally executed to combat inflation. However, interest rate hikes are also known to produce a negative effect on cryptocurrency prices as it reduces spending and investment ability.\u00a0<\/p>\n

Following the last interest rate hike by the Fed in May, Bitcoin dipped by 1%. In April, the market leader significantly declined by 3% after the Fed announced a similar 25 bps rate increase. So another hike will likely lead to a further decline in price.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

COMP, THE native token of Compound Finance, has seen its market price rise significantly on Wednesday, emerging as the top gainer of the day. According to data from CoinMarketCap<\/a>, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market.<\/p>\n

Initially, COMP began the week with a bearish trend, declining by 16% to trade at $59.14 on Tuesday. However, after touching this price level, the token began showing signs of recovery moving its market price to $62.34 at the close of Tuesday\u2019s market.\u00a0<\/p>\n

In the early hours of Wednesday, COMP gained over 11%, hitting a price of $69.84, and has since been hovering around that price region. Looking at its broader price movement, COMP has recently been among the most popular tokens, gaining over 90.55% in the last four weeks.\u00a0<\/p>\n

COMP Price Analysis And Prediction<\/h2>\n

According to Compound\u2019s daily chart, its Moving Average Convergence Divergence (MACD) has crossed below its signal line, indicating a bearish trend may soon occur. Based on its current price movement, COMP is currently consolidating around the $69.70 price zone.<\/p>\n

Related Reading: Compound (COMP) Token Rallies Over 100% After CEO Quits \u2013 Details<\/a><\/p>\n

If COMP bulls are able to significantly strengthen their grip on the market, the DeFi coin may break out of this zone, trading as high as $78.67. This indicates a potential 12% on its current market price.\u00a0<\/p>\n

On the other hand, if the bears reassume market control, COMP is expected to retest at $55.72, which marks its imminent major support level. However, with significant selling pressure, COMP could trade as low as $22.97.<\/p>\n

It is worth stating that traders should watch out for the impending Fed interest rate announcement, which may likely play a role in the token\u2019s short-term price movement.\u00a0<\/p>\n

At the time of writing, Compound is changing hands at $69.41, with a 0.89% gain in the last hour. The token\u2019s daily trading volume is valued at $186.71 million, having gone up by 31.28%. With a market cap of $541.25 million, COMP ranks as the 71st largest cryptocurrency.<\/p>\n

Fed Interest Rate Decision Approaches<\/h2>\n

In other news, the crypto space and the general financial markets are anticipating the interest rate decision by the United States Federal Reserve (Fed) on Wednesday.\u00a0<\/p>\n

It is widely expected<\/a> that the American apex bank will announce a 25 basis points rate hike, bringing the current interest rate to 5.5%. This would mark the 11th rise in the Fed\u2019s interest rate since early 2022.\u00a0<\/p>\n

Related Reading: Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here\u2019s Why<\/a><\/p>\n

An increase in interest rates is generally executed to combat inflation. However, interest rate hikes are also known to produce a negative effect on cryptocurrency prices as it reduces spending and investment ability.\u00a0<\/p>\n

Following the last interest rate hike by the Fed in May, Bitcoin dipped by 1%. In April, the market leader significantly declined by 3% after the Fed announced a similar 25 bps rate increase. So another hike will likely lead to a further decline in price.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-27329","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=27329"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27329\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27329"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}