Compound Crypto: Can COMP Crypto Thrust Upward & Jump To $100?

• 1 The Compound crypto asset is showing bullish traits as the 30-Day MVRV ratio, OI, Whales buying, and the no. of Active wallet addresses are giving positive signals.
• 2 The COMP crypto declined 3.12% in the last 24 hours to $89.44.

The Compound crypto asset is showing bullish traits as the 30-day MVRV ratio, OI, Whales buying, and the number of active wallet addresses are giving positive signals, this signifies it can achieve more growth in coming sessions. Even though it has demonstrated good performance in the past week, month, and three months by 1.54%, 62.595, and 75.06% respectively, indicating a reliable upward trend.

At the time of publishing, the COMP crypto had declined 3.12% in the last 24 hours to $89.44.

However, the crypto has displayed a sign of seller’s rejection at the $81.50 price level and could exemplify a potent revival from this point level on. The recent price action rally began from a critical level of around $50 on the chart at an earlier point of time in January end 2024.

Additionally, the COMP crypto asset is demonstrating bullish strength and rising potential as it dwells above major 20, and 50-Day EMAs. Similarly, from the price point of view, it appears like, the crypto is poised to continue this spectacular rally, as it prepares by consolidating to smash the resistance level from the upper support at $81.50 and aims to soar to new heights from the current support.

Therefore, if the demand for the COMP token increases in future sessions, the asset price could surge from the current level. Then the next major goal for the price would be to surpass the supply level with resistance at $100.

On the flip side, if the crypto price fails to stay above the $81.50 level, it could decline further.

30-Day Market Value to Realize Value Shows Compound Price is Likely to Incline

The graph shows the relationship between the Compound crypto price and the MVRV rate over the last 30 days. The MVRV ratio represents the average P&L of investors who purchased the COMP asset over the last 30 days. 

The chart shows that the Compound’s price and MVRV rate are positively correlated and signifies that they are moving in the same direction.

When the COMP price increases, the MVRV ratio also increases, which reveals that more investors are making money and may sell. Similarly, when the Compound price decreases, the ratio also decreases, which suggests that more investors are losing money, and may buy.

The chart shows MVRV dropping 35% to 10.11% and consolidating since. These metrics highlight that the 30-DAY MVRV ratio for Compound crypto is deceased and in correlation, the price shows accumulation in the near supply zone. It illustrates that the COMP price could jump above the supply, as more investors may buy more, which could trigger a price boost.

Compound Crypto (COMP) Total Open Interest Analysis

The OI data exhibits the total number of open contracts in the Compound crypto. The analysis of COMP token’s OI data shows a consistent increase in the number of open contracts in recent sessions. In the previous session, the number of open contracts surged from 20.0 Million to 50 Million.

However, there has been a short-term OI decline up to 32 Million and its most recent sessions currently stand at 37.31 Million. This highlights COMP crypto’s potential for a rise in future sessions.

Are Whales Increasing Their Portfolio In COMP Crypto

The above chart displays the activity of whales in the COMP crypto over a period of time along with the price. The analysis shows that the whales have been continuously increasing their portfolio in Compound since February. The COMP price has also been rising continuously after a short consolidation in March as well.

Significant Rise In Active Wallet Addresses

Active addresses refer to unique addresses of token users that participate in one or more transactions within a given timeframe. The number of distinct addresses in the COMP token that participated in a transfer for the given asset in the past 24-hour window is 498 transactions, the 7-day window is 2130 transactions, and the 30-day window is 7432 transactions. 

This indicates that an increasing number of people are utilizing and exchanging the token, suggesting a rise in demand and value for the token, as the Compound tokens’ active addresses continue to grow over time. These terms demonstrate both the short-term and long-term trends of a token’s activity and its adoption numbers.

Summary

The Compound crypto asset is displaying bullish traits as the 30-day MVRV ratio, OI, Whales buying, and active wallet addresses support the price, this shows it grow further in the coming sessions. Additionally, the COMP asset is exhibiting bullish strength as it hovers above the 20 and 50-Day EMAs.

If the demand for the COMP token increases in future trading sessions, it is likely that the asset price would continue to surge from its current level. The next major target for the price would be to surpass the supply level. The resistance level to reach would be $100.

Technical Levels

Support Levels: $81.50

Resistance Levels: $100

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.