COMPUSDT might pullback or the bulls may push it higher
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Hi Traders, COMPUSDT has had the third rejection on the uptrend already. Last 4 candles show that the price is slowing down which might end up another Pullback at the trend line or the Bulls may step in and push the price higher to 370
Here on the H1 the pullback is more clear
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Compusdtlong
COMPUSDT COMPUSDT(Day CHART) Technical Analysis Update
Reversing from the support
COMP/USDT currently trading at $610
Buy-level: $585- $610
Stop loss: Below $550
Target 1: $660
Target 2: $690
Target 3: $750
Target 4: $850
Max Leverage: 2X
ALWAYS KEEP STOP LOSS...
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COMPUSDT Resistance BreakoutCOMPUSDT (4H Chart) Technical Analysis Update
COMP/USDT currently trading at $564
Buy-level: Above $575(only buy if 1H candle closes above $575)
Stop loss: I will update once i see the breakout
Target 1: $625
Target 2: $700
Target 3: $750
Max Leverage: 3X
ALWAYS KEEP STOP LOSS...
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COMPUSDT - Buy buyPrecondition:
Global trend down
Local trend up
What Is Compound (COMP)?
Compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.
When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. For example, by depositing ETH into a pool, you will receive cETH in return. Over time, the exchange rate of these cTokens to the underlying asset increases, which means you can redeem them for more of the underlying asset than you initially put in — this is how the interest is distributed.
On the flip side, borrowers can take a secured loan from any Compound pool by depositing collateral. The maximum loan-to-value (LTV) ratio varies based on the collateral asset, but currently ranges from 50 to 75%. The interest rate paid varies by borrowed asset and borrowers can face automatic liquidation if their collateral falls below a specific maintenance threshold.
Since the launch of the Compound mainnet in September 2018, the platform has skyrocketed in popularity, and recently passed more than $800 million in total locked value.
You will learn the best place where we can trade this instrument at low risk.
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade