Compound (COMP) Price Prediction 2023

Bullish COMP price prediction for 2023 is $70.49 to $116.81.

Compound (COMP) price might reach $150 soon.

Bearish COMP price prediction for 2023 is $27.36.

In Compound’s (COMP) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and much other information about COMP to analyze the future movement of the cryptocurrency.

Compound Current Market Status

Current Price
$58.77
24 – Hour Trading Volume
$120,977,054
24 – Hour Price Change
2.15% down
Circulating Supply
7,755,146 COMP
All – Time High
$911.20 (On May 12, 2021)
COMP Current Market Status
(Source: CoinGecko)

What is Compound (COMP)?

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 decentralized 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.

Compound (COMP) ranks 83rd on CoinMarketCap in terms of its market capitalization. The overview of the Compound price prediction for 2023 is explained below with a daily time frame.

COMP/USDT Right Angled Descending Wedge Pattern (Source: TradingView)

In the above chart, Compound (COMP) laid out a right-angled descending broadening wedge, which is a bullish reversal pattern. The pattern is an inverted ascending triangle because it is made up of two converging lines with a horizontal line for the resistance and a bearish downward slant for the support.

At the time of analysis, the price of Compound (COMP) was recorded at $58.77. If the pattern trend continues, then the price of COMP might reach the resistance levels of $69.41 and $208.34. If the trend reverses, then the price of COMP may fall to the support of $42.88, and $23.37.

Compound (COMP) Resistance and Support Levels

The chart given below elucidates the possible resistance and support levels of Compound (COMP) in 2023.

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

From the above chart, we can analyze and identify the following as the resistance and support levels of Compound (COMP) for 2023.

Resistance Level 1$70.49Resistance Level 2$116.81Support Level 1$43.06Support Level 2$27.36COMP/USDT Support and Resistance Level

As per the above analysis, if Arbitrum’s (COMP) bulls take the lead, then it might hit and break through its resistance level of $116.81.

Conversely, if Arbitrum’s (COMP) bears dominate the trend, the price of COMP might plunge to $27.36.

Compound (COMP) Price Prediction 2023 — RVOL, MA, and RSI

The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Compound (COMP) are shown in the chart below.

COMP/USDT RVOL, MA, RSI (Source: TradingView)

The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.

At the time of analysis, the RVOL of Compound (COMP) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.

The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).

Notably, in the above chart, the COMP price lies above 50 MA (short-term), indicating its uptrend. Hence, COMP is in a bullish state. Although this is the current state, a trend reversal might occur.

Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.

Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.

At the time of analysis, the RSI of COMP is at 63.45. Therefore, this indicates COMP is in an overbought state.

Compound (COMP) Price Prediction 2023 — ADX, RVI

In the below chart, we analyze the strength and volatility of Compound (COMP) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).

COMP/USDT ADX, RVI (Source: TradingView)

To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.

According to the data on the above chart, the ADX of COMP lies in the range of 67.04 pointing out an extremely strong trend.

The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of COMP lies above 50, indicating high volatility.

Comparison of COMP with BTC, ETH

Let us now compare the price movements of Compound (COMP) with that of Bitcoin (BTC), and Ethereum (ETH).

BTC Vs ETH Vs COMP Price Comparison (Source: TradingView)

From the above chart, we can interpret that the price action of COMP is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of COMP also increases or decreases respectively.

Compound (COMP) Price Prediction 2024-2030

With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Compound (COMP) between 2024 and 2030.

Compound (COMP) Price Prediction 2024

If bulls dominate the price momentum and trend patterns, then Compound (COMP) might successfully test and surpass its resistance levels to hit $160 by 2024.

Compound (COMP) Price Prediction 2025

The significant upgrades in the Compound ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Compound (COMP) price to reach $180 by 2025.

Compound (COMP) Price Prediction 2026

If Compound (COMP) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $200.

Compound (COMP) Price Prediction 2027

If Compound (COMP) sustains major resistance levels and stands as a better investment option in the market, then COMP would rally to hit $220.

Compound (COMP) Price Prediction 2028

If Compound (COMP) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then COMP would hit $240 by 2028.

Compound (COMP) Price Prediction 2029

If investors flock in and continue to place their bets on Compound (COMP), then the crypto would witness major spikes. Hence, COMP might hit $270 by 2029.

Compound (COMP) Price Prediction 2030

By 2030, the COMP price might rally to $300 if the trend momentum aligns in favor of Arbitrum. Furthermore, COMP would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.

Conclusion

If Compound (COMP) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Compound (COMP) price prediction for 2023 is $116.81. Comparatively, the bearish Compound (COMP) price prediction for 2023 is $27.36.

If there is a positive elevation in the market momentum and investors’ sentiment, then Compound (COMP) might hit $150. Furthermore, with future upgrades and advancements in the Compound ecosystem, COMP might surpass its current all-time high (ATH) of $911.20 and mark its new ATH.

FAQ

1. What is Compound (COMP)?

Compound (COMP) is a DeFi lending protocol that allows users to earn interest by depositing their cryptocurrencies in one of the many pools supported by the platform.

2. Where can you buy Compound (COMP)?

Traders can trade Compound (COMP) on the following cryptocurrency exchanges such as Binance, OKX, Deepcoin, Bitrue, and Bybit.

3. Will Compound (COMP) record a new ATH soon?

With the ongoing developments and upgrades within the Compound platform, Compound (COMP) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Compound (COMP)?

Compound (COMP) hit its current all-time high (ATH) of $911.20 on May 12, 2021.

5. What is the lowest price of Compound (COMP)?

According to CoinMarketCap, COMP hit its all-time low (ATL) of $25.55 On June 10 2023.

6. Will Compound (COMP) hit $150?

If Compound (COMP) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $150 soon.

7. What will be the Compound (COMP) price by 2024?

Compound (COMP) price might reach $160 by 2024.

8. What will be the Compound (COMP) price by 2025?

Compound (COMP) price might reach $180 by 2025.

9. What will be the Compound (COMP) price by 2026?

Compound (COMP) price might reach $200 by 2026.

10. What will be the Compound (COMP) price by 2027?

Compound (COMP) price might reach $220 by 2027.

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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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