COMP Token Price Could Hit $67, Analyst Says, Here’s The Tailwind It Needs Now
Crypto analyst Ali Martinez has shared a COMP chart that shows the popular DeFi token is breaking out and has a good chance of surging if it can find enough support from buyers.
“The compound seems to burst”
Martinez tweeted that COMP, at the moment, is crossing the descending triangle pattern of a symmetrical triangle that formed on the four-hour COMP/TetherUS Perpetual Futures chart on Binance.
The trader estimates that if the wave of buying pressure increases, it can push the price of the token up by around 24%, towards the $67 level. The main condition here is that COMP must hold the $50 support.
“A spike in buying pressure could rise 24% towards $67 as long as $50 support holds.”
#Compound seems to burst!$COMP currently intersects the descending trendline of a symmetrical triangle that has developed on its 4-hour chart. A spike in buying pressure could #COMP up 24% towards $67 as long as the $50 support holds. pic.twitter.com/LQ67jqalEE
—Ali (@ali_charts) February 7, 2023
In the past 24 hours, the aforementioned token has jumped around 9% across the board, now trading hands at the $55.58 level. It is currently trading around 94% below its all-time high of $911 reached on May 12, 2021, after Bitcoin also hit an all-time high.
COMP is a governance token used on the decentralized Compound ledger. It is ranked 103rd on the CoinMarketCap token scale with a market capitalization of $403,469,637 (it has increased by 5.86% in the last 24 hours). The token’s trading volume also jumped 21.93% to $42,212,246.
Crypto Talk Rate Rises
According to a tweet recently posted by data aggregator Santiment, the crypto is seeing an increase in discussions on various social media platforms. According to the tweet, the total number of mentions remains at a high level after peaking in mid-December last year.
It remains high even though the flagship cryptocurrency Bitcoin is 66% below its all-time high of $69,000 reached in November 2021. Therefore, Santiment’s team says that interest in the crypto is definitely increasing in the community.
😮 The overall amount of #crypto discussions on social platforms remain high after peaking the week of December 14, 2022. Despite #Bitcoins still at -66% compared to November 2021 #AllTimeHighthe growing interest in #cryptocurrency is quite obvious. pic.twitter.com/Td4nlKLLVH
— Santiment (@santimentfeed) February 6, 2023