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Prepare to Buy Compound If Breakout is a Success at Key Resistance

The compound token has returned 19% in 24 hours and 21% in one week COMP attracted buyer interest at the $28 bottom price The cryptocurrency has overcome resistance and may break through Compound token COMP/USD has gained 19% in 24 hours. This may not be a new development since most cryptocurrencies began Monday in the…

  • The compound token has returned 19% in 24 hours and 21% in one week

  • COMP attracted buyer interest at the $28 bottom price

  • The cryptocurrency has overcome resistance and may break through

Compound token COMP/USD has gained 19% in 24 hours. This may not be a new development since most cryptocurrencies began Monday in the green. Only a few have seen double-digit returns. One of these is the compound token.

Compound was one of the most watched cryptocurrencies over the past week. With gains of 21% in a week, COMP has defied a bearish crypto market, and investors are taking notes. Comparatively, Bitcoin has lost 3. 86% in the last seven days. Ethereum is experiencing a decrease of 0.5% in gains.

COMP’s gains in the last one week confirm a lot of buyer interest at the $28 bottom. The cryptocurrency has risen to meet resistance at $55. At press time, the cryptocurrency trades at $56, temporarily breaking past the resistance level. If the momentum continues, investors should consider buying COMP.

COMP hits resistance but is yet to successfully close past it

Source – TradingView

On the daily chart, COMP has retreated slightly after breaking past the $55 resistance. MACD indicators are bullish while moving averages provide support. For confirmation of a breakout, we will be watching the daily candle close. A breakout and a confirmation candle on the daily chart will make $55 a buy zone for COMP. We will watch to see what price action does at the resistance. A failed breakout could see the token retreat back to $45.

Summary

The compound token is gearing for a breakout at the $55 resistance. If the breakout is accompanied by confirmation of bullish momentum, we should buy.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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