Compound Price Prediction 2022 – Will COMP Hit $400 Soon?

Compound Price Prediction — Will COMP Hit $400 Soon?
  • Bullish COMP price prediction is $146.2 to $391.7.
  • The COMP price might also reach $400.
  • COMP bearish market price prediction for 2022 is $89.2.

In Compound’s (COMP) price prediction 2022, 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 $128.22 with a 24-hour trading volume of $52,248,241 at the time of writing. However, COMP has decreased nearly 6.3% in the last 24 hours.

Moreover, COMP has a circulating supply of 6,563,596 COMP. Currently, COMP trades in cryptocurrency exchanges such as Binance, OKX, CoinFLEX, BitCoke, and Mandala Exchange. 

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 2022

Compound holds the 111st position on CoinGecko right now. COMP price prediction 2022 is explained below with a weekly time frame.

COMP/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down. The upper line is identified first, as running along with the highs and is called the trendline. 

The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by trendline support the series of lower lows and a diagonal resistance level connecting the lower highs.

Currently, COMP is in the range of $126.53. If the pattern continues, the price of COMP might reach the resistance level of $222 and $391.7. If the trend reverses, then the price of COMP may fall to $110.4.

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

  • Resistance Level 1 – $146.2
  • Resistance Level 2 – $179.2
  • Resistance Level 3 – $249.6
  • Resistance Level 4 – $368.7
  • Resistance Level 5 – $529.8
  • Support Level 1 – $114
  • Support Level 2 – $89.2

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 $529.8.

Accordingly, if the investors turn against the crypto, the price of the COMP might plummet to almost $89.2, a bearish signal.

Compound Price Prediction 2022 — 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, the 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 39.74. This means that COMP is in a nearly oversold state. However, this means a major price reversal of COMP may occur in the upcoming days. So, traders need to trade carefully. 

Compound Price Prediction 2022 — 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 of 29.7, so it indicates a 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 levels, indicating that the direction of volatility is low. In fact, COMP’s RSI is at 39.74 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 2022 is a good year for COMP. For this reason, the bullish price prediction of Compound in 2022 is $391.7. On the other hand,  the bearish COMP price prediction for 2022 is $89.2.

Furthermore, with the advancements and upgrades on the COMP ecosystem, the performance of COMP would help to reach above its current all-time high (ATH) $249 very soon. But, it might also reach $400 if the investors believe that COMP is a good investment in 2022.

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, OKX, CoinFLEX, BitCoke, and Mandala Exchange.

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 2022?

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 2022.

6. Can Compound (COMP) reach $400?

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 $400 soon.

7. What will be the COMP price by 2023?

Compound (COMP) price is expected to reach $520 by 2023.

8. What will be the COMP price by 2024?

Compound (COMP) price is expected to reach $650 by 2024.

9. What will be the COMP price by 2025?

Compound (COMP) price is expected to reach $730 by 2025.

10. What will be the COMP price by 2026?

Compound (COMP) price is expected to reach $900 by 2026.

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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