COMP crypto up 50% in the last 30 days – Is $100 in sight?

• COMP crypto soared 50% previously 30 days; will the uptrend prolong? 
• The rally was marked by elevated whale curiosity and diminished promote stress. 

The DeFi sector has been a top-performing section previously two weeks, and protocols like Compound [COMP] benefited from the windfall. COMP crypto token was up 50% previously 30 days, rising from  $38 to $74. 

Nonetheless, the rally hit a roadblock close to $80K. Can COMP clear the hurdle and goal the $100 it crossed in early 2024? 

COMP crypto $80 hurdle

Supply: COMPUSDT, TradingView

The weekly chart had a bearish order block (OB), marked purple, $71-$81. Normally, bearish OBs act as provide zones for big gamers to execute their trades.

The roadblock was hit final week, however COMP struggled under it into the brand new week, suggesting profit-taking on the stage.

That stated, a weekly candlestick shut above $81 (the provision zone) might sign a possible continuation of the restoration.

In that case, the $100 psychological stage might be inside attain. Nonetheless, COMP needed to flip $93 into assist to speed up to $100 and above. 

The OBV (On Steadiness Quantity) was under the March peak and prompt extra upside potential. Nonetheless, the RSI neared overbought territory and cautioned of a slight cool-off. 

On-chain was bullish

Supply: Santiment

Santiment information revealed that the continued rally was majorly pushed by sturdy accumulation (spot shopping for stress), as famous by an uptick in Provide outdoors of Exchanges (purple). 

Apparently, promote stress on centralized exchanges (CEXes) dropped even decrease, as proven by the declining provide on exchanges (blue).

This prompt COMP had much less headwind, which might tip it to clear the overhead roadblock.

The above situation differed from the early 2024 native prime when demand declined and promoting elevated. This indicated the uptrend might proceed until accumulation drops and promote stress intensifies. 

Supply: Santiment

Learn Compound [COMP] Value Prediction 2024-2025

One other bullish on-chain sign was the spike in whale actions. The elevated whale curiosity might increase COMP’s value until they’re promoting. 

In conclusion, COMP’s uptrend might proceed amid a DeFi resurgence and diminished sell-pressure from CEXes.  

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion