COMP tokens were initially distributed to Compound protocol users on June 16, 2020. Holders of COMP tokens have the power to propose and vote on changes to the Compound protocol. COMP holders can either choose to vote with the tokens themselves or delegate their voting rights to another address. This means that even users who don’t hold COMP themselves can participate in Compound’s governance process, if someone else delegates their voting rights to them.
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. 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. Regulations governing cryptocurrencies vary by jurisdiction and may change over time, which could impact the legality and use of cryptocurrencies.
After establishing its strong support at $305, COMP’s price could rally higher with the support of the broader cryptocurrency market. The COMP/USD pair could look to break past the next major resistance at $383. Any move past that level could set COMP up for a massive climb towards the $450 mark.
Compound Crypto Price Prediction 2024
But if we look at a long-term projection, the crypto does possess a significant upswing. Therefore, there is no doubt, they undergo a massive price drain, but in the long term, the trend remains bullish. Hence, by 2030, the price is believed to reach beyond $1200 and continue moving high to reach higher targets by 2050. As mentioned above, after a giant price action, the end of the 2025 trade could be on a bearish note. Hence, the prices are expected to remain consolidated since the beginning of the year in 2026 and further maintain a decent descending trend thereafter. The trend is believed to transform into a bear market, where prices are expected to drop more than 50% from their highs.
- Therefore, the COMP price may continue with a narrow consolidation for a while and accumulate strength to trigger.
- As you can see, COMP now needs to make another high to complete the rounded bottom formation identified in pattern 1.
- There are strong possibilities that the next bull run can help Compound to recover in 2023.
- The first major uptrend resistance for COMP is at the $61.91 level, it needs to close above that level to continue to move higher, and bottom support sits at $54.51.
Compound is an autonomous, algorithmic protocol that runs on the Ethereum (ETH) blockchain. The project was created in 2017 by Robert Leshner and Geoffrey Hayes, who previously worked at online food delivery firm Postmates. Leshner is CEO of Compound Labs, which develops the protocol, and Hayes is its chief technology officer (CTO). This price boost followed the announcement that Compound would now offer borrowing options to institutions, bringing larger clients to the crypto platform.
Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society. ✔️ByBit for leveraged trading (✔️Margex for really crazy leverages). Once a deposit is made, Compound awards a new cryptocurrency called a cToken (which represents the deposit) to the lender. The community has created a Compound Forum to discuss governance proposals, and share ideas. That said, if it loses out on steam amidst diverging interest of marketers, the price could stumble down to $35.29.
What will be the future price of Comp?
She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena. The price moved up to $242.94 on 5 January 2022, but then declined to $94.13 on 24 February as cryptocurrency markets lowered along with the financial markets. The price began to rebound in March and reached $173.91 on 3 April, as the markets attempted to rebound. But another sell-off took the price back down to $117.48 on 11 April 2022.
To start with, COMP’s transaction volume has flatlined over the past three months. The prices have followed the same, showing high transaction volume can increase prices. The real use cases of the Compound project make Comp Coin a promising project in the long term. As one of the growing DeFi and DAO projects, Compound is working on many initiatives. If we go through CoinMarketCap, we can find that the Compound coin is listed in premium exchanges like Binance, Coinbase, and Kraken. With listings in the popular exchanges and the response from the investors, the Compound looks strong.
What Does The Market Say?
You can store COMP tokens in any cryptocurrency wallet that supports ERC-20 tokens on the Ethereum network. There are currently COMP tokens on the market, while the maximum supply of COMP is . COMP tokens are valuable as a governance token on the Compound network. By holding COMP tokens, you are eligible to vote for future changes that will be proposed for the Compound protocol. The platform was launched in 2018 and was founded by Robert Leshner.
The website’s Compound crypto price prediction showed the price would continue to fall and stoop to $1.02 at the beginning of 2027. The COMP price chart shows the token gained 33.3% in 2021 as it spiked from the $149 level to a high of $531.98 in May, then dropped back to $200 at the end of the year. Token holders can delegate their voting rights to any wallet address. Wallets that hold at least 100 COMP tokens can create an autonomous proposal and wallets that hold 25,000 COMP are permitted to create governance proposals. Compound offers lending pools where users can deposit their funds or borrow money using their crypto as collateral, enabling them to earn interest in return.
Does Compound have a future?
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. From the above chart, we can analyze and identify the following as the resistance and support levels of Compound (COMP) for 2023. The chart given below elucidates the possible resistance and support levels of Compound (COMP) in 2023. The daily chart indicates that the initial point of resistance on the upside is located at the $61.91 level. Additionally, there is another resistance level at $61.68 based on the exponential moving average.
The expected average COMP
price for 2023 is $48.848, which is a
-11.22% decrease in value from the current price. The maximum predicted price for 2023 is $62.532
which is forecasted to be reached in December 2023. The price is believed to maintain an elevated trend for the first half of 2025 and mark highs close to $550 to $600. Although the bears are believed to intervene and slash the prices significantly, the bulls may hold the rally above the support levels again.
Comparison of COMP with BTC, ETH
What makes Compound stands out from its competitors like ETH, Bitcoin, and others is that here the decision-making is built into the blockchain itself. Compound, with its open lending platform, allows them to earn interest on their balance of supported Ethereum tokens or take out a secured loan. The Compound’s community governance makes it apart from other protocols.
- According to our Compound price prediction, the COMP price could possibly reach as high as $161.93 by the end of 2025.
- We’ve put together this piece to look at Compound’s price potential for June 2021.
- And for each year, you should take the existing state of the crypto market to tweak the price expectations accordingly.
- However, cases such as this emergency could motivate the community to introduce changes to the voting process going forward.
Although the bulls are trying hard to trigger a rebound, the price is believed to reach the lower support at the earliest. The selling pressure has not waned yet, which may drag the price below $50 in the coming days. Hence, the price is believed to remain slightly bearish for the rest of the week. With DeFi growing popular by the day, lending platforms like Compound look fundamentally solid. Our Compound price prediction model even puts the long-term future price of COMP above the $2000 mark by 2035. Most importantly, with COMP being a governance-specific native token of Compound, the ecosystem looks more transparent than some its competitors.
While most other DeFi protocols use crypto as collateral to give out more crypto, Compound gives out tokenized crypto that represent assets given by lenders. These tokenized crypto are cTokens, and they are used to redeem the assets that the lender has put on the platform. To start using Compound, you need to use an interface such as compound.finance. If you click on the ‘Markets button’, you will be taken to a page with an overview of the market.
Over the next three years, if Compound concentrates on several developments and manages to increase its userbase. Moreover, if the factors in the industry play in favours of the cryptocurrency. The year could turn fruitful for Compound bismuth metal price chart if the crew behind the platform announces community-building initiatives. Moreover, the digital asset could also seek impetus from Bitcoin’s halving event. In such optimistic scenarios, the price might escalate to a maximum of $124.54.