This article about the Compound (COMP) price prediction for 2021 is solely based on technical analysis.
The primary metrics that we used when developing our Compound price analysis and prediction may be found below.
During the 2021 bull run, a number of cryptocurrencies hit new all-time highs. Some digital assets, on the other hand, saw their value plummet. As a result, many cryptocurrency traders are unsure whether they should keep or sell their digital assets. This is the same situation that crypto traders may face in COMP.
However, the crypto market has recently been consolidating, and several cryptocurrencies have lost their past profits. Will the price volatility of COMP be the same? In this Compound price analysis 2021 post, we’ll find out soon enough. But first, let’s review what COMP is all about.
What Is COMP?
Compound is a decentralized finance (DeFi) lending system that allows users to earn interest on their cryptocurrency by depositing it in one of the platform’s many pools.
Users who deposit tokens into a Compound pool, however, will receive cTokens in return. These cTokens, on the other hand, represent an individual’s investment in the pool and can be used to redeem the fundamental digital money that was first deposited at any time.
Compound Current Market Status
According to CoinMarketCap, COMP is currently trading at $364 with a 24-hour trading volume of $123,964,510 at the time of writing this COMP price research. COMP’s price had dropped by 8.88 percent in the previous 24 hours.
Additionally, the current circulating supply of COMP is 5,506,107.51 COMP. Binance, FTX, Huobi Global, OKEx, and Mandala Exchange are the best cryptocurrency exchanges for COMP right now. Let’s go on to the next section of our COMP price forecast for 2021.
Price Analysis 2021
COMP’s Relative Strength Index (RSI) is 38.04, indicating that it is nearly oversold. As a result, dealers can trade without fear of a significant price reversal.
As a result, traders must use caution when trading cryptocurrency to avoid being influenced by market exuberance. Traders can avoid experiencing unanticipated losses as a result of the crypto market’s volatile changes if they keep all of this in mind.
Since the beginning of 2021, the price of Compound has experienced many bullish movements that were larger than the previous ones. Furthermore, these are followed by oscillations, consolidation, and corrections almost immediately. Taking this into account, COMP will be in a competitive market in 2021.
Price Prediction in 2021
Over the last two days, COMP has performed admirably. Furthermore, the price of COMP has risen by nearly 330 percent in the last year. If the current trend continues, COMP might run with the bulls, breaking through the $826 resistance mark and reaching new highs.
If cryptocurrency investors desert it, the bears may grab control and dethrone COMP from its ascendant perch. In layman’s terms, the price of Compound might decrease to about $335, indicating a bearish indication.
Our long-term price projection for Compound, nonetheless, is optimistic for 2021. It has a good chance of breaking through its current all-time high (ATH) of $911.2. Furthermore, Compound has a chance to reach this level this year.
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