{"id":544490,"date":"2023-07-26T18:00:14","date_gmt":"2023-07-26T18:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=544490"},"modified":"2024-06-11T12:46:35","modified_gmt":"2024-06-11T12:46:35","slug":"compound-comp-bulls-strengthen-market-control-with-13-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/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.<\/span><\/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<\/span><\/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<\/span><\/p>\n

COMP Price Analysis And Prediction<\/span><\/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.<\/span><\/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<\/span><\/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.<\/span><\/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<\/span><\/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.<\/span><\/p>\n

\"COMP\"<\/p>\n

Compound (COMP) Trading At $69.70 On The Daily Chart | Source: COMPUSD Chart On Tradingview.com<\/a><\/pre>\n
Fed Interest Rate Decision Approaches<\/span><\/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<\/span><\/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<\/span><\/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<\/span><\/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.<\/span><\/p>\n
Featured Image From Freepik, Chart From Tradingview.<\/div>\n","protected":false},"excerpt":{"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, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market. 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 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 COMP Price Analysis And Prediction 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. Related Reading: Compound (COMP) Token Rallies Over 100% After CEO Quits \u2013 Details 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 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. 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 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. Compound (COMP) Trading At $69.70 On The Daily Chart | Source: COMPUSD Chart On Tradingview.com Fed Interest Rate Decision Approaches 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 It is widely expected 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 Related Reading: Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here\u2019s Why 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 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. Featured Image From Freepik, Chart From Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":544497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[79626,79574,10242,88705],"class_list":["post-544490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-comp","tag-compound","tag-fed-interest-rate","tag-fed-interest-rate-hike"],"acf":[],"yoast_head":"\nCompound (COMP) Bulls Strengthen Market Control With 13% Rally<\/title>\n<meta name=\"description\" content=\"Compound (COMP) has seen its market price rise by 13.24% in the last 24 hours as the bulls increase their control of the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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. 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 \u201cmusic nomad\u201d 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.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/wncen.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Compound (COMP) Bulls Strengthen Market Control With 13% Rally","url":"http:\/\/wncen.com\/news\/defi\/compound-comp-bulls-strengthen-market-control-with-13-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/defi\/compound-comp-bulls-strengthen-market-control-with-13-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/green-bull-market-run-upward-presents-uptrend-stock-market-financial-business-concept-generative-ai_1423-7210.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/green-bull-market-run-upward-presents-uptrend-stock-market-financial-business-concept-generative-ai_1423-7210.jpg?fit=750%2C500"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["comp","compound","fed interest rate","fed interest rate hike"],"dateCreated":"2023-07-26T18:00:14Z","datePublished":"2023-07-26T18:00:14Z","dateModified":"2024-06-11T12:46:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Compound (COMP) Bulls Strengthen Market Control With 13% Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/compound-comp-bulls-strengthen-market-control-with-13-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/compound-comp-bulls-strengthen-market-control-with-13-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/green-bull-market-run-upward-presents-uptrend-stock-market-financial-business-concept-generative-ai_1423-7210.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/green-bull-market-run-upward-presents-uptrend-stock-market-financial-business-concept-generative-ai_1423-7210.jpg?fit=750%2C500\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"comp\",\"compound\",\"fed interest rate\",\"fed interest rate hike\"],\"dateCreated\":\"2023-07-26T18:00:14Z\",\"datePublished\":\"2023-07-26T18:00:14Z\",\"dateModified\":\"2024-06-11T12:46:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/green-bull-market-run-upward-presents-uptrend-stock-market-financial-business-concept-generative-ai_1423-7210.jpg?fit=750%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544490"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544490"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544497"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}