Compound Price Prediction: Can COMP Price Reach $500 By Dec. 2020?
Among the altcoins with tangible business propositions, decent market traction, and ready products, COMP takes a top position. As Defi takes over the crypto space, Defi-related tokens are seen to be riding an intense bull market. This has driven many of this category of coins towards high prices and left investors massive gains.
In this Compound Protocol price prediction article, we aim to present the best future price possibilities for the cryptocurrency, COMP. While this is not investment advice, we hope to present COMP in full details and give a heads up about your determination to invest in the cryptocurrency.
What is Compound Protocol?
COMP is an Ethereum token that regulates the independent Compound protocol. The protocol enables anyone to rent and lend Ethereum tokens through a decentralized market. Lenders earn income in the crypto they supply to the protocol and borrowers pay interest to borrow it.
Established by the Compound Finance Team, Compound Governance Token (COMP) or (sometimes verbally Compound Coin) is the main application to rehabilitate the council of the Compound Lending Protocol through community governance.
Eventually, users of the Compound Lending Platform are given the ability to suggest, debate, and implement changes to Compound — without relying on, or requiring, the central team whatsoever.
COMP is an ERC-20 asset token that runs on the Ethereum Network, much like the Compound Smart Contract itself. In addition to that, COMP allows its owner to delegate voting rights to an address of their choice; be it the owner’s own wallet, another user, an application, or a DeFi expert.
COMP Price Today
Compound (COMP 10% Gain): COMP attains the next spot on this list with approximately 10% 24-hour gain.
Although with alternate ups and downs, we see COMP thriving against its USD pair steadily. Finally, the 32nd crypto by market capitalization was able to stick the landing at $179.5 as the bulls charge upwards for further profits.
Market belief remains bullish as roughly 80% believe there is a more bullish move inbound.
- * Prices broke major resistance at $175
- * Next key support level lies at $175
- * Next major resistance waits at $180
Compound Token Technical Analysis
COMP was listed on CMC on June 17, 2020. At the time, each COMP token was traded at around $50. However, COMP secured its listing somewhat towards the beginning of the present alt season phase. This affected COMP’s price positively and launched an immediate price increase to around $360 before July ends.
As the crypto markets swung between alternate ups and downs, COMP’s price diminished by almost 50% and crashed back to the $180 corner. This happened around the beginning of July. By the end of the month, however, COMP was trading even lower and settled at around $150 per coin.
By August 2nd, prices had dipped to around $125. Although COMP would later find greener pastures in August when it surged all the way back up. Before mid-August, COMP was back at around $240 per coin.
As usual, the price dipped once again. COMP was trading at the $178 level again but soon geared up to higher heights. By September 1st, when COMP was barely 3 months old, the price was back at around $265. Ever since alternate trading movements have kept COMP’s price in check.
COMP Price Prediction 2020
COMP is presently trading at $172 as the further upside is highly expected. As the full markets swing into a full-fledged bull season, COMP is expected to be trading around $400 by the end of the year 2020.
COMP Price Prediction 2021
The technicals remain strong for COMP. The coin, being a top defi coin will see massive growth and development into the year 2021. This will relay interest in the coin and cause extreme price actions. By 2021 end, COMP may reach as high as $700 to $1000.
COMP 5 Years Price Prediction
In 5 years, however, COMP is technically expected to attain a high price of around $2,500. This is expected as the project’s roadmap explains some inbound developments around the time frame. By the end of 2025, COMP may be seen rising towards $5000 per coin.
COMP Market Prediction
- Wallet Investors (WI): According to their technical analysis, WI presents a bearish case for COMP. In their one-year prediction, COMP is expected to dip through $91 per coin.
- Digital Coin Price: DCP is more bullish in its approach to COMP. According to these experts, COMP price will be trading around $270 by 2020 end. In 2021, prices are expected to touch around $320 and may spike way through $700 in 2025.
- Crypto Price Prediction (CPP): They believe COMP may reach a slightly high price around $203 by ending of this year. In 5 year’s time, however, COMP, according to CPP, may touch as high as $1,500.
Our COMP Price Prediction
We strongly hold to a few viable market predictions for COMP and believe in a bullish future. According to our metrics, however, COMP may touch as high as $350 by 2020 end. In 2021 however, prices may touch around $1,000 and proceed to $5000 in 2025.
Compound Token News
#1.Distributed form of government implementation:
The compound labs switched the administration type of Compound.finance. From a centrally controlled team of developers, the protocol is now community-centric.
#2. Introduction of Compound.js
#3. Delegation and citing with EIP-712 signatures
By using an EIP “typed-structured data” signature, holders can assign their voting rights to any Ethereum address. The COMP smart contract’s delegateBySig is accessible to users that have a signed delegation transaction.
- How does COMP protocol work?
Compound is the first “liquidity pool” — rather than lending assets directly to another user, you supply liquidity to a market, and users borrow from that market.