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

Compound-COMP-Price-Prediction
  • Bullish Compound price prediction 2021 ranges from $468 to $910.
  • Compound bearish market price prediction for 2021 is $90.

This Compound 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 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.

COMP Current Market Status

As of the time of writing this Compound technical analysis, COMP trades at $323.89 with a 24-hour trading volume of $119,693,897. The price of COMP has decreased by 4.45% in the last 24 hours.

Furthermore, COMP has a current circulating supply of 5,248,395.99 COMP. Currently, the top crypto asset trading platforms for Compound are Binance, Huobi Global, OKEx, CoinTiger, and FTX.

Now, let’s proceed to the next part of this COMP technical analysis for 2021.

Compound Price Prediction 2021

Recently, COMP held 62nd place on CoinGecko. But will the recent upgrades and advancements in the blockchain help the crypto asset price to reach higher? Let’s proceed to the charts in this COMP price prediction article.

Wyckoff explains that every cause in the market will proceed to a proportional effect. However, this can be mentioned using accumulation and distribution phases. Moreover, the accumulation represents Markup and the price will rise. In addition, the price spikes when the price breaks the accumulation resistance. In contrast, distribution will lead to Markdown and the price will plummet. However, the price will fall when the token breaks the support.

As per the chart below, the chart signal begins with the accumulation phase. Then the signal enters the distribution phase. In this phase, if it breaks the high level, it represents bullish days ahead. In contrast, if it breaks the low level then it represents the crypto following bear trend.

COMP USDT chart showing Wyckoff pattern
COMP/USDT chart showing Wyckoff pattern (Source: TradingView)

In this scenario of our COMP price prediction 2021, COMP has to break past the Fib retracement level at $901. To do this, it has to establish more support at the Fib level at $278. If not, bears may gain the upper hand and drag COMP further to their territory.

As shown above, at the beginning of this period, COMP turned from a bearish trend to bullish. This is a result of the huge trading volumes that took place in that period. Moreover, in the weekly time frame, COMP showed an ascending channel pattern. This pattern is discussed at the end of the article.

The Relative Strength Index (RSI) is at 38.48, which means that COMP is in a nearly oversold state. However, traders can trade safely without any fear.

COMP Relative Strength Inde
COMP Relative Strength Index (Source: TradingView)

Therefore, crypto traders must trade cautiously and must not be disturbed by the crypto market hype. With this in mind, crypto traders must trade carefully to avoid unexpected losses due to the crypto market’s wild swings.

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 consolidation, fluctuations, and corrections right away. Taking this into consideration, COMP has a competitive market this 2021.

Compound Price Prediction Chart Showing Ascending Channel Pattern

As shown below in this COMP price forecast chart, in a smaller time frame, COMP has shown an ascending Channel Pattern.

COMP USDT Ascending Channel Pattern
COMP/USDT Ascending Channel Pattern (Source: TradingView)

The smaller time frame in the chart above shows the Ascending Channel pattern. Ascending channel patterns are bullish patterns in that a crypto moves upper within an ascending channel.

In the short-to-mid term scenario of our COMP price prediction 2021, COMP has to break the previous Fib retracement level. To do this, it has to establish more support at the Fib level. If not, bears may gain the upper hand and drag COMP further to their territory.

Conclusion

COMP seems to have a great future ahead in 2021. With the ongoing developments happening within the COMP ecosystem, as well as in the overall crypto market, we may see COMP reach new heights.

COMP USDT Price Chart
COMP/USDT Price Chart (Source: TradingView)

Meanwhile, our long-term COMPprice prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $910 this year. However, that will only take place if it breaks the past number of psychological resistances. Even more, the bullish COMP price prediction in 2021 is $900. It may even reach $1K if investors continue to side with COMP this year.

FAQ

How to Buy COMP Tokens?

Users can obtain COMP tokens by purchasing them from cryptocurrency exchanges such as Binance or Huobi Global.

Will COMP Surpass its Current ATH?

COMP is the best crypto asset to invest in 2021. Best of all, COMP has a high possibility of surpassing its current ATH at about $910 this year.

Can Compound Price reach $1000 soon?

Yes, it’s very much possible that COMP might reach $1 in the near future as per the current bullish trend.

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.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.