Compound Price Prediction 2021 – Will COMP Hit $851 Soon?

Compound Price Prediction 2021 - Will COMP Hit $851 Soon?
  • Bullish COMP price prediction ranges from $530 to $690.
  • The COMP price might also reach $851.
  • COMP bearish market price prediction for 2021 is $195.

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

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 decentralised 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.

Current Market Status of Compound (COMP)

According to Coingecko, the price of Compound is $431.35 with a 24-hour trading volume of $209,199,692 at the time of writing. However, COMP has increased by 1.7% in the last 24 hours, at the time of writing.

Moreover, COMP has a circulating supply of 5,400,844 COMP coins. Currently, COMP trades in cryptocurrency exchanges such as Binance, OKEx, FTX, Upbit and CoinTiger.

Compound (COMP) Price Prediction 2021

Compound (COMP) holds the 68th position on CoinGecko right now. COMP price prediction 2021 explained below with a daily time frame. 

COMP/USDT Ascending Triangle Pattern (Source: TradingView)

An ascending triangle is considered a continuation pattern, which means that it is significant whether it occurs during an uptrend or a downtrend. When the price breaks out of the triangle, traders tend to buy or sell the asset aggressively, depending on which direction the price broke out.

Currently, COMP is waving at $377. After this, COMP would continue to follow the pattern where the price chart would show uptrend. If the trend reverses, then the price of COMP may fall to $195.

Compound (COMP) Support and Resistance Level

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

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

From the above chart, it is observed that the following are the resistance and support levels of COMP.

  • Resistance Level 1 – $530
  • Resistance Level 2 – $666
  • Resistance Level 3 – $851
  • Support Level 1 – $377
  • Support Level 2 – $195
  • Support Level 3 – $77

The chart depicts the bearish performance of COMP over the previous month. However, COMP will follow a bullish pattern and will rise. On the contrary, if the trend reversed then COMP might fall to $77 presenting a bearish signal.

Compound (COMP) Average Directional Index (ADX)

Let us now look at COMP’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

COMP/USDT ADX (Source:TradingView)

The above chart represents the ADX of COMP lies in the range at 19.9, so it indicates a weak trend.

Conclusion

The COMP is one of the cryptos which is great for long-term investment. In addition, COMP price prediction is bullish for a short-term. It has a good chance of reaching $910.54 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the COMP ecosystem, the performance of COMP would rise reaching $690 very soon. But, it might also reach $851 if the investors believe that COMP is a good investment in 2021.

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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