COVER Protocol Price Prediction – How Much Will COVER Be Worth in 2021?

COVER Protocol Price Prediction – How Much Will COVER Be Worth in 2021?
  • Bullish COVER price prediction ranges from $380 to $1612.
  • The COVER price might also reach $1709.
  • COVER bearish market price prediction for 2021 is $149.

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

Cover is a governance token for the Cover protocol that also plays an important role in the claims management process. Cover Protocol is a peer-to-peer insurance marketplace where it looks more like a prediction market. Unlike other insurance protocols, governance tokens are not used to insure risks. To advance coverage of a new protocol, market makers must have an incentive to put DAI / yDAI collateral to mint CLAIM and NOCLAIM tokens.

Current Market Status of COVER Protocol (COVER)

According to Coingecko, the price of COVER is $307.95 with a 24-hour trading volume of $1,829,698 at the time of writing. However, COVER dropped to 1.8% in the last 24 hours.

Moreover, COVER has a circulating supply of 78,724 COVER. Currently, COVER trades in cryptocurrency exchanges such as Binance, OKEx, Gate.io, BKEX, and Pionex.

COVER Protocol (COVER) Price Prediction 2021

COVER Protocol holds the 753rd position on CoinGecko right now. The price prediction of COVER explained below with a weekly time frame. 

COVER/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is one type of charting pattern that technical analysts will use to analyse a security’s trend. A channel is formed by drawing trendlines along the support and resistance levels of a security’s price series. In general, channels can be used to determine the best levels of support and resistance to buy or sell securities.

Currently, COVER is waving at $325. With this pattern, COVER might reach the resistance level at $1709 soon. If the trend reverses, then the price of COVER may fall to $149.

COVER Protocol (COVER) Support and Resistance Level

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

COVER/USDT Support and Resistance Level (Source: Tradingview)

From the above chart, it observed that the following are the resistance and support level of COVER.

  • Resistance Level 1 – $405
  • Resistance Level 2 – $783
  • Resistance Level 3 – $1612
  • Support Level 1 – $228
  • Support Level 2 – $154

The chart depicts the bullish performance of COVER over the previous month. However, this trend will continue to reach resistance level at $1612 soon. On the contrary, if the trend reversed then COVER might fall to $154 presenting a bearish signal.

COVER Protocol (COVER) Average Directional Index (ADX)

Let us now look at COVER’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 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 frequently combined with directional indicators.

COVER/USDT ADX (Source:TradingView)

The above chart represents the ADX of COVER with the range at 58.92, so it indicates a very strong trend.

Conclusion

The COVER is one of the cryptos which is great for long-term investment. In addition, COVER price prediction will be bullish for a short-term period. It has a good chance of reaching $1687 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the COVER ecosystem, the performance of COVER would rise reaching $783 very soon. But, it might also reach $1709 if the investors believe that COVER 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.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.