The cryptocurrency market is moving in the correction phase. However, an experienced FXStreet analyst gives striking predictions about an altcoin project. Accordingly, Compound (COMP), one of the leading altcoins, has the potential to increase by 1,000%. Let’s examine together.
This altcoin could make 1,000 percent
According to popular FXStreet analyst Tony Montpeirous, Compound is the altcoin project with the best potential. According to the analyst, COMP token will be a very viable digital asset in the coming days. The on-chain data shows a large accumulation of hidden DeFi tokens. That’s why a stream of interest has recently emerged in the COMP price. However, In-Chain metrics revealed that Tradingview did not show market data for Binance, Coinbase and Kucoin exchanges occurring in the fall of 2020. After that, analysts began searching for the technical data that had disappeared.
After the analysts’ investigation, it turned out that the data lost on Tradingview is preserved on Cointrader.pro. So analysts began to analyze the data. As a result, altcoin COMP turned out to be one of the best cryptocurrencies to invest in. The DeFi token is showing a massive 5-wave impulse wave surging to highs at $913. After that, it reveals a 3-wave decline to the current $114 price levels. However, the crypto market is going through tough times due to rising inflation around the world. Therefore, technical indicators suggest a 30% invalidity level for COMP. This is a rare macro perspective among cryptocurrencies, as we have reported at Kriptokoin.com.
Why is compound data missing? Where is the price going?
It remains unclear why Compound’s market data might be missing and who is to blame. None of the third parties commented on the missing data points. More importantly, the missing data indicates an invalidation level for a potential uptrend. If the on-chain data is correct, a new over 900% bull run will occur, targeting $1,000 from a macro perspective.
An invalidation of the bullish macro trend will trigger a break below the November low of $81.25. If $81.25 is breached, it will mean that the potential uptrend is invalid. In this case, the bears will push the COMP price down to as low as $30. This represents a 75% reduction from Compound’s current price.
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