- Compound was founded in 2017 by Robert Leshner and Geoffrey Hayes. It is an application that helps users to earn interest on their digital assets.
- Through the Comp application, users can request a loan or earn interest by giving the assets to DeFi(Decentralized Finance).
- Let’s interpret the coin with the help of technical analysis and withdraw some important information about it.
Technical Analysis of the COMP Coin
In the day-to-day time frame, the coin is moving in a sideways position. It means the chances of recovery are quite not possible.
As the coin ranges between the support level and the resistance level. The coin is not near any level.
So, the chances are less for any breakout whether in the upward direction or in the downward direction.
By 29 September 2023, prices might rise up to $46.32. It will be a 14.94%% rise in price if it occurs.
The F & I Index, the Fear & Greed Index, shows 44(Fear). It is up by 1.70 in today’s session.
The image indicates that the coin made a strong resistance and support level. The coin was able not to break that support level.
The pattern in the box is known as “Three White Soldiers”. It indicates that the price might continue to rise in the future.
After its formation, the price did not go up. It started to move in the down direction. It was the failure of the formation.
The coin recorded 13/30 green days in the last 30 days which is around 43%. The price volatility over the last 30 days was 4.00%.
Price Prediction of COMP (2024-2030)
| Year | Low | High |
| 2024 | $ 34.05 | $ 245.33 |
| 2025 | $ 85.57 | $ 200.62 |
| 2026 | $ 61.55 | $ 97.29 |
| 2027 | $ 67.26 | $ 171.57 |
| 2028 | $ 149.63 | $ 169.03 |
| 2029 | $ 161.45 | $ 304.31 |
| 2030 | $ 171.95 | $ 217.65 |
The market capitalization of COMP is $309.83 Million. The total supply of the coin is 10,000,000 COMP.
The all-time low value of this token was made on 11 June 2023, which was $25.97.
In the last 24 hours, the volume of tokens supplied was around 19.62M. It means 7,828,999 COMP were traded in the market.
The current price of the COMP token is $40.23. It made an all-time high on 11 May 2021, which was $859.27.
Summary
By analyzing the coin through technical analysis, we can conclude that, The recovery is only possible when the coin gives any breakout. So far, no recovery sign is seen in the coin. The line chart of the daily time frame indicates that the coin is in a sideways position.
The coin is not suitable for long-term investment. In the one-year time frame, it is down. It behaves the same in the monthly and weekly time frame. The coin may continue to fall in the future.
Levels
Resistance Level- $36.30
Support Level- $21.36
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.