• Compound (COMP) is an ERC-20 asset used for community governance of the Compound protocol.
• The bullish price prediction for 2023 is $60.92 to $123.76, while the bearish prediction is $27.71.
• Analyzing the current market status, support and resistance levels, COMP might reach either its resistance or support level soon.
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 without needing a financial intermediary such as a bank.
Compound Current Market Status
Currently, Compound holds the 112nd position on CoinGecko right now with a 24-hour trading volume of $49,567,437 and 1.3% down in 24-hour price change. The circulating supply of COMP is 6,856,085 with an all-time high of $910.54 (On May 12 2021).
Compound (COMP) Price Prediction 2023
In Compounds’ price prediction 2023, we use statistics, price patterns and RSI/RVOL analysis to predict future movements of the cryptocurrency. Analyzing from horizontal channel pattern in daily time frame chart it can be seen that COMP will either reach its resistance level at $60.92 or support level at $27.71 in 2023 depending on trend reversal or continuation respectively .
Compound (COMP) Support & Resistance Level
From analyzing daily time frame chart it can be seen that currently COMP has following support and resistance levels: Resistance Level 1$70.39; Resistance Level 2$116.56; Support Level 1$43