In this Compound (COMP) price prediction 2023, 2024-2030, we will analyze the price patterns of COMP by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Compound Current Market Status/h2
h2 What is Compound (COMP)/h2
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.
h3 Compound 24H Technicals/h3
(Source: TradingView)
h2 Compound (COMP) Price Prediction 2023/h2
Compound (COMP) ranks 81st 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)
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In the above chart, Compound (COMP) laid out the Right Angle Descending Wedge pattern. A right-angled descending wedge 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 $48.16. If the pattern trend continues, then the price of COMP might reach the resistance levels of $69.86, and $208.91. If the trend reverses, then the price of COMP may fall to the support of $43.44, and $23.29.
h2 Compound (COMP) Resistance and Support Levels/h2
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 resistance and support levels of Compound (COMP) for 2023.
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)
From the readings on the chart above, we can make the following inferences regarding the current Compound (COMP) market in 2023.
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)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Compound (COMP).
h2 Comparison of COMP with BTC, ETH/h2
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.
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Compound (COMP) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
h2 Conclusion/h2
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 $85.20. Comparatively, if unfavorable sentiment is triggered, the bearish Compound (COMP) price prediction for 2023 is $23.54.
If the market momentum and investors’ sentiment positively elevates, then Compound (COMP) might hit $100. 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.
This content was originally published by our partners at The News Crypto .
Written By:
The News Crypto
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