Compound price started a major uptrend after an update in staking rewards. The altcoin project has moved on to Proposition 92, a new rewards program that cuts rewards by 50 percent. Many leading market analysts predict that COMP’s uptrend will continue. Here are the details…
The price of this altcoin is in an uptrend
The price of the 88th-ranked cryptocurrency Compound (COMP) increased by 14% overnight as investors soared over the asset. . Previously, Compound’s ecosystem distributed rewards to users quickly and effectively. This caused altcoin users to instantly sell their tokens, while COMP farming for profit became problematic.
Although the initial reward system launched Compound and boosted cryptocurrency adoption, users have expressed their discontent. Taking into account the complaints from users, the developers launched a new reward system, Proposition 92, with the aim of reducing the rewards by 50 percent. In this way, it is aimed that the shares of Compound holders will maintain their value in the long run, as the selling pressure on the altcoin will decrease.
Compound will see a big boom next month
As we previously reported as Cryptokoin.com, Compound’s farming stance had previously negatively impacted the token’s price. Therefore, analysts expect a positive impact from this new update. Also, the altcoin’s community believes that for Compound to grow in value, it is best to end the current program and start a new one. Many market experts, who have recently evaluated the price trend of the altcoin project, predict that the upward trend of COMP will continue.
Analysts expect Compound (COMP) price to double in April 2022. The reason for this is thought to be the formation of an inverted head-and-shoulder pattern observed in the altcoin’s price chart. An inverted head-and-shoulder pattern is characterized as associated with a reversal in an asset’s downtrend. Therefore, this pattern signals that the price rally in the DeFi altcoin project may continue and the token may continue its steady rise.
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