Compound Crypto Price Prediction 2022 - Will COMP Recover?
Compound (COMP) crypto has pumped 4.56% today following the successful finalization of the Ethereum merge earlier this morning.
As a result the price of Compound is now trading at a steady $56.67 and could be making headway back to the $60 price levels.
Will Compound crypto pump?
At the time of writing this article Compound crypto is trading within a symmetrical triangle pattern.
Because Compound crypto was in a downtrend prior to the formation of this triangle, it could be considered as a bearish continuation chart pattern, though I don't think this will be the case as it seems like Compound may have bottomed out.
Following the Terra Luna crypto crash in May 2022, Bitcoin nosedived through the 200-week moving average and caused havoc across the entire crypto markets in the following month.
This is where Compound (COMP) crypto potentially bottomed out hitting a low of $26.25. Holders who were lucky enough to have scooped up that dip on the 18th June 2022 would now still be up by a generous 115%.
As we can see the trajectory of Compound has been very bullish since the lows of June 2022.
If Compound (COMP) crypto can maintain bullish price momentum there is a good chance that we might retest the resistance trendline of the symmetrical triangle at $68.22.
A successful breakout backed by a large amount of trading volume could indicate that Compound (COMP) crypto might try to retest a key resistance level at $81.36 followed by the next technical target of $93.22.
Compound (COMP) is still significantly down from the all-time high of $913 set on the 10th of May 2021. The overall reduction in price has amounted to a staggering 93.57%.
The current low prices of Compound (COMP) crypto could serve as lucrative to the patient
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