Compound Price Prediction 2021 – Will COMP Hit $900 Soon?

Compound Price Prediction 2021 - Will COMP Hit $851 Soon?
  • Bullish COMP price prediction is $242 to $880.
  • The COMP price might also reach $900.
  • COMP bearish market price prediction for 2021 is $80.

In Compound (COMP) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about COMP to analyze the future movement of the cryptocurrency. 

Compound Current Market Status

According to coingecko, the price of COMP is $183.7 with a 24-hour trading volume of $91,964,854 at the time of writing. However, COMP has decreased to 0.9% in the last 24 hours.

Moreover, COMP has a circulating supply of 6,267,744 COMP. Currently, COMP trades in cryptocurrency exchanges such as Binance, OKEx, Mandala Exchange, Huobi Global, and CoinTiger.

What is Compound (COMP)?

Compound (COMP) is an ERC-20 asset that allows for community governance of the Compound protocol. COMP token holders and their participants debate, propose, and vote on all protocol changes.

It aims to encourage a distributed network of computers to run a traditional money market. Compound, one of a growing number of decentralized finance (DeFi) protocols, uses multiple crypto assets to provide this service, allowing lending and borrowing without the need for a financial intermediary such as a bank.

Compound (COMP) Price Prediction 2021

Compound holds the 96th position on CoinGecko right now. COMP price prediction 2021 explained below with a weekly time frame.

COMP/USDT Falling Wedge Pattern (Source: Tradingview)

The Falling wedge is a bullish pattern that starts from the top high and contracts as the price falls. However, this price movement forms a downward cone. When the highs and lows of a trend converge. This shows that due to the huge volume of trade during this time, the price of COMP will continue to rise and in the near future it will surpass its all-time high price ever.

Currently, COMP is at $186.2. If the pattern continues, the price of COMP might reach the resistance level to $242 and $395. If the trend reverses, then the price of COMP may fall to $174.

Compound (COMP) Support and Resistance Level

The below chart shows the support and resistance level of COMP.

COMP/USDT Support and Resistance Level (Source: TradingView)

From the above weekly time frame, it is clear the following are the resistance and support levels of COMP.

  • Resistance Level 1 – $270
  • Resistance Level 2 – $524
  • Resistance Level 3 – $900
  • Support Level 1 – $185
  • Support Level 2 – $80

The charts show that COMP has performed a bullish trend over the past month. If this trend continues, COMP might run along with the bulls overtaking its resistance level at $900.

Accordingly, if the investors turn against the crypto, the price of the COMP might plummet to almost $80, a bearish signal.

Compound Price Prediction 2021 — RVOL, MA, and RSI

The Relative Volume (RVOL) of COMP is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, RVOL of COMP lies below the cutoff line, indicating weaker participants in the current trend.

COMP/USDT RVOL, MA, RSI (Source: TradingView)

More so, the COMP’s Moving Average (MA) is shown in the chart above. Currently, COMP is in a bearish state. Notably, the COMP price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of COMP at any time.

Meanwhile, the relative strength index (RSI) of the COMP is at level 28.87. This means that COMP is in an oversold state. However, this gives confidence for the traders to trade without any fear.

Compound Price Prediction 2021 — ADX, RVI

Let us now look at Compound’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

COMP/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Compound. Currently, COMP lies in the range at 56.7, so it indicates a very strong trend. 

From the above chart, the Relative Volatility Index (RVI) of COMP. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of COMP lies below the 50 level, indicating that the direction of volatility is low. In fact, COMP’s RSI is at the 28.87 level thus confirming a potential sell signal.

Comparison of COMP with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Compound.

BTC Vs ETH Vs COMP Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC and COMP is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and COMP also increases or decreases respectively.

Conclusion

With continuous improvements in the Compound network, we can say that 2021 is a good year for COMP. For this reason, the bullish price prediction of Compound in 2021 is $880. On the other hand,  the bearish COMP price prediction for 2021 is $80.

Furthermore, with the advancements and upgrades on the COMP ecosystem, the performance of COMP would rise reaching $524 very soon. But, it might also reach $900 if the investors believe that COMP is a good investment in 2021.

FAQ

1. What is Compound?

Compound (COMP) is a DeFi lending protocol that allows users to earn interest by depositing their cryptocurrencies in one of the many pools supported by the platform.

2. Where can you purchase COMP?

COMP has listed on many crypto exchanges which include Binance, OKEx, Mandala Exchange, Huobi Global, and CoinTiger.

3. Will COMP reach a new ATH soon?

With the ongoing developments and upgrades within the COMP platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Compound?

On May 12, 2021, COMP reached its new all-time high (ATH) of $910.54.

5. Is COMP a good investment in 2021?

Compound (COMP) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of COMP in the past few months, COMP is considered a good investment in 2021.

6. Can Compound (COMP) reach $900?

Compound (COMP) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Compound (COMP) will hit $900 soon.

7. What will be the COMP price by 2022?

Compound (COMP) price is expected to reach $250 by 2022.

8. What will be the COMP price by 2023?

Compound (COMP) price is expected to reach $340 by 2023.

9. What will be the COMP price by 2024?

Compound (COMP) price is expected to reach $600 by 2024.

10. What will be the COMP price by 2025?

Compound (COMP) price is expected to reach $1K by 2025.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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