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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Compound (COMP) Rises By 11% Amidst General Bear Market

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
COMP

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Created by industry experts and meticulously reviewed
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COMP, the native token of DeFi lending protocol Compound Finance, has drawn much attention following its positive price performance in the last day. According to data by CoinMarketCap, COMP has risen by 11.03% in the 24 hours, emerging as the top daily gainer of the market.

This price rise is quite significant, as COMP recorded some price drops in the last few days, which may have prompted concerns for its numerous investors after the token’s remarkable, bullish form in recent weeks. 

COMP To Break Key Resistance Level?

In the third week of June, COMP embarked on a stunning bullish run which saw the DeFi token gain over 125% to trade as high as $69.15 as of July 4.

Related Reading: Compound (COMP) Token Rallies Over 100% After CEO Quits – Details

However, after attaining this price level, COMP came under significant selling pressure, losing over 9.63% of its market value in the last week before experiencing its recent price boost today. 

Looking at its 4-Hour Chart, its Relative Strength Index – a tool for measuring the pace and variation of price movement – is set at 53 but is currently ascending toward the overbought zone meaning the current price uptrend may last for a while.  

In tandem, the token’s Moving Average Convergence Divergence (MACD) line just crossed above the signal line, which is also interpreted as a bullish signal. 

Analyzing its price movement, COMP faces major resistance at the $70 price zone as the token has failed to break past this barrier twice in the last three weeks. 

However, if the market bulls are able to sustain the current buying pressure pushing past this price level, COMP is likely to resume its initial bullish trajectory.

If the token fails to break past the $70 price zone, however, it will likely fall and retest at the $50.00 price mark, which currently represents its imminent support level. 

At the time of writing, Compound (COMP) is trading at $58.62, with a 0.60% decline in the last hour. The token’s daily trading volume is valued at $136 million, having gained by 216.75%. 

COMP

COMP Trading At $58.56 On The 4-Hour Chart | Source: COMPUSD Chart On Tradingview.com

General Crypto Market In Red

Amidst COMP’s market gain, a majority of the crypto market is experiencing slight losses, with the total crypto market cap declining by 0.77% in the last 24 hours, according to data by CoinMarketCap. 

Bitcoin (BTC), the premier cryptocurrency and market leader, is down by 0.60%, while Ethereum (ETH) has also seen its market price drop by 0.56%.

Related Reading: ADA Price Consolidates Below $0.30 – What Could Trigger A Sharp Decline?

Other notable cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC) are also experiencing similar fates, losing to the tune of 1.86%, 3.54%, and 3.80%, respectively.

Featured Image From Economic Times, Chart From Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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