Compound is one of the best performing cryptocurrencies in the current timeframe. In the past day, the cryptocurrency picked up the pace and started off on a steep uptrend. At the time of press, Compound stands at a price level of $457. The price of COMP has increased by 16% in the past twenty-four hours while the weekly gain is 19%. The daily trading volume of $419 million has surged upwards by 100%. Compound is the forty-fifth largest cryptocurrency in the market.
Technical analysis
The market sentiment for Compound is bullish due to the uptrend in the recent price movements. Fifteen of the total twenty-six technical indicators are giving out an indication of buy. Eight indicators of the rest are standing at a neutral position with only three with a sell signal. The oscillators suggest a sell signal due to high volatility while the moving averages suggest a strong buy because of the uptrend.
Compound crypto has been identified to be operating in an ascending channel formation. At the price level of $393, strong horizontal support lies for the cryptocurrency. An earlier pullback from the support line has resulted in the currently bullish momentum in the market. Per a trader’s analysis, the upward trajectory of the cryptocurrency can be expected to sustain in the upcoming days. COMP coin is fast approaching the resistance at the upper boundary of the channel where rejection may be likely. However, if the bullish scenario continues to play out the first target price lies at $494, followed by $530, $570, and finally $620.
Is $620 possible for Compound?
The final price target for Compound lies at $620. This prediction is supported by various other estimates as well. According to Wallet Investor, the one-year price projection for the cryptocurrency places it at a price level of $765. Digital Coin Price estimates a price of $686 by the end of the year. Hence, $620 is definitely achievable by the end of 2021 for Compound. The long-term projections for COMP are bullish too.
