COMP Price Prediction as Compound Retests September Highs – Will COMP 10x From Here?
The price of Compound (COMP) has rallied strongly this morning, with the altcoin's ascent to $43.51 representing a 7.5% gain in the past 24 hours.
COMP is also up by 11.5% in the past week and by 6% in the last 30 days, with the token also having gained by 39% since the beginning of the year.
Its rallies have come after a period of growth for Compound, with the DeFi platform since a marked increase in wallets and transactions over the past month.
And wih COMP arguably still be undervalued, the altcoin could easily post more gains in the coming weeks.
COMP's chart looks very bullish right now, with the coin's indicators suggesting that it could be on the brink of a breakout.
Most notably, its price is about to jump over its 200-day average (blue), forming a crossover that can signal further gains to come.
Likewise, COMP's relative strength index (purple) has surged above the 50 level and looks on course to reach 70 or even higher, meaning that traders should buy now before it rises further and becomes overbought.
That the altcoin had been due a big rally had been indicated by just how low the RSI had fallen between the middle of August and September, with the coin seemingly bottoming out on September 11.
There's no clear short-term trigger for COMP's rally today, which has made it one of the best-performing coins in the market.
Still, there's little doubt that Compound has been growing steadily as a DeFi platform, with DappRadar data showing that its uniqe active wallets have grown by 87% in the past 30 days, to just under 3,000.
Similarly, transactions have risen by 75% in the past month, another sign that Compound is attracting more usage as a borrowing and lending platform.
And given that COMP is Compound's native governance
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