Compound Price Prediction – Will COMP Price Hit $1000 in 2021?

This Compound (COMP) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into account upon coming up with our COMP price analysis and prediction.

There are many cryptocurrencies that rose to a new all-time high during this 2021 bull run. In contrast, some digital assets also faced a price drop. As a result, many crypto traders are worried about whether it is time to hold or sell their digital assets. This is also the same case that crypto traders could experience in COMP.

Nevertheless, the crypto market is consolidating lately, and many cryptocurrencies are losing their previous profits. Will COMP experience the same price volatility? We’ll find out shortly in this COMP price analysis 2021 article. But first, let’s have a look at what COMP is.

What Is Compound (COMP)?

Compound is said to be a decentralized finance (DeFi) lending protocol that enables users to gain interest on their crypto by depositing them into one of many pools supported by the platform.

Moreover, when a user deposits tokens to a Compound pool, they will get cTokens in return. However, these cTokens indicate the individual’s stake in the pool and can be utilized to redeem the underlying digital currency initially deposited into the pool at any time.

Now that we have an idea about COMP, do you think COMP will be profitable crypto in 2021? Join me and let us see the charts in this COMP price prediction.

Compound (COMP) Current Market Status

As of the time of writing this Compound price analysis, COMP trades at $364 with a 24-hour trading volume of $123,964,510, according to CoinMarketCap. The price of COMP has decreased by 8.88% in the last 24 hours.

Furthermore, COMP has a current circulating supply of 5,506,107.51 COMP. Currently, the top cryptocurrency exchanges for COMP are Binance, FTX, Huobi Global, OKEx, and Mandala Exchange. Now, let’s proceed to the next part of this COMP price analysis for 2021.

Compound (COMP) Price Analysis 2021

Currently, COMP holds the 58th place on CoinMarketCap. But will the latest upgrades, developments, and changes in the COMP blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this COMP price prediction article.

In the chart above, which is set in a daily time frame, we can see the Ascending Triangle pattern. This is an important indicator since COMP has been showing bearish over the past month. Consequently, the Ascending triangle pattern hints that COMP will finally go bullish.

In the foreseeable future, we can say that COMP has a higher chance of going bullish than bearish. As shown above, at the beginning of this month, COMP turned from its bear to bull trend. This is the result of the high trade volume that occurred in that period.

The Relative Strength Index (RSI) is at 38.04, which means that COMP is in nearly oversold state. Hence, traders can trade safely without any major price reversal.

Therefore, traders must trade crypto carefully and must not be affected by the market hype. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of COMP.

Since the start of 2021, COMP’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, COMP has a competitive market this 2021.

Compound (COMP) Price Prediction 2021

The chart below shows that COMP has performed great over the past few days. Moreover, the COMP price over 330% in the last 12 months. If this trend continues, COMP might run along with the bulls, overtaking its $826 resistance level and reach higher.

Conversely, if the investors turn against the crypto, the bears might take over and dethrone COMP from its uptrend position. In simpler terms, the price of COMP might drop to almost $335, a bearish signal.

Meanwhile, our long-term COMP price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $911.2. Moreover, it is possible for COMP to reach this level this year.

Compound (COMP) Price Prediction 2022

If this bullish trend continues, COMP will reach $1,200 by the end of 2022. Moreover, the first half of 2022 is going to show rapid growth, up to $1,250. Then the rise will slow down, but no major falls are expected. With upcoming, partnership, and developments reaching $1,200 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Compound (COMP) Price Prediction 2023

If COMP holds the support level around 200-MA which is the long-term moving average, buyers will then have ample time and stability to forge the next attack mission on the vital level at $2,000, making it not plummet but play consistently.

Compound (COMP) Price Prediction 2024

As per the latest upgrades, developments, COMP price prediction, and new project forecasts of the platform, COMP investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of COMP in the crypto market, and it will be the best investment as the price can spike and reach around $2,500.

Compound (COMP) Price Prediction 2025

In the next four years, COMP prices could rise up to $3,000. More so, reaching this level could not be so difficult for COMP as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that COMP has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

COMP has a bright future ahead of it in 2021. With the ongoing developments happening within the COMP system, as well as in the overall cryptocurrency market, we may see COMP reach new heights.

Bullish COMP price prediction 2021 is $826. As said above, it may even reach $1,000 if investors have decided that COMP is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Recommended Articles