- Cryptocurrency prices did well this week even as American stocks recoiled.
- Internet Computer, Compound, and IOTA had a similar price action.
Cryptocurrencies had another strong week even a sense of fear spread in the market. The closely-watched fear and greed index plunged to 23 while the VIX index jumped to over 20. Bitcoin rose back to over $27,000 while Ethereum soared to $16,70. Other cryptocurrencies like Compound (COMP), Aave, ThorChain (RUNE), Solana, and Internet Computer (ICP) also surged.
Compound (COMP) price forecast
Compound’s COMP token has done well in the past few days even as risks in the DeFi industry have jumped. The biggest risk is that America’s interest rates have jumped sharply recently, with the 10-year and 30-year yields soaring to the highest level in over a decade.
As a result, yields of the high-liquid money market funds have jumped to over 6%. As a result, many investors have now moved to the safety of the US dollar instead of investing in Compound’s lending protocol.
The 4H chart shows that the COMP price has made a strong rebound recently. It has jumped from this month’s low of $34.98 to over $50. Along the way, Compound price has moved above the important resistance point at $45, the highest point on August 25. Compound has also jumped above the 23.6% Fibonacci Retracement point and the 25-day and 50-day moving averages.
Therefore, the outlook for the Compound crypto price is bullish, with the next level to watch being at the 38.2% retracement point at $54.82. The stop-loss for this trade will be at $45.
Read more: How to buy Compound.
Internet Computer price prediction
Internet Computer’s ICP also bounced back this week as the price of Bitcoin remained steady. ICP jumped to a high of $3.081, the highest level since September 16th. It has risen by more than 8% from the lowest level this month. Most importantly, ICP price rose above the key resistance at $3.05, the highest point on September 19.
Internet Computer has also jumped above the 25-period and 50-period moving averages while the Relative Strength Index (RSI) is approaching the overbought level of 70. Therefore, ICP price will likely continue rising as buyers target the next important resistance point at $3.20.
IOTA price prediction
IOTA, like other altcoins, had a relatively successful week as it rose to a high of $0.15, the highest point since September 17th. It nonetheless reacted mildly to the launch of ShimmerEVM in the mainnet. Shimmer is an important part of IOTAs ecosystem since it acts as a staging platform for developers in the ecosystem.
IOTA price rose to $0.1537 and moved above the key resistance level at $0.15, the highest level in September. The 25-day and 50-day moving averages made a bullish crossover pattern while the Relative Strength Index (RSI) is nearing the overbought level of 70.
Therefore, the outlook for IOTA is bullish as long as Bitcoin remains above $26,000. If this happens, the next reference level to watch will be at $0.1600.
Read more: How to buy IOTA.
