Compound Price Prediction: 2024, 2025, 2030

COMP price prediction: Key highlights

1. Primary support and resistance levels

• An analysis of the weekly chart pointed to $34 as the lowest support for COMP.
• On the upside, the highest resistance for the token can be anticipated at around $129.

2. Market sentiment

• The overall market sentiment is seen to be neutral to bullish in May 2024.

3. Predictive forecasts

• Our AI/ML predictive algorithms have forecasted that the average price of COMP can reach $234 in 2031 and $689 by 2035.

Gain deep insights on COMP via a detailed weekly technical analysis, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:

COMP technical analysis: Bulls charge back amid bearish grip

The Compound price prediction for 2024 reflects the cryptocurrency’s performance over the past year, marked by significant price movements and fluctuations in investor sentiment.  

The analysis began in May, with COMP undergoing a downtrend to touch the lowest support at $34. After briefly resting above this level, the asset dipped even further to majorly fall below $34, touching new lows as June commenced.

By mid-month, a strong bullish momentum was observed, pushing the token to slightly cross $60 by late June. 

The surge was the result of two major developments. Data from Lookonchain revealed that on June 26, a whale deposited $3.5 million worth of Tether (USDT) to Binance and then withdrew 50,000 COMP tokens ($2.26 million) and an additional 120,000 tokens ($5.5 million). Furthermore, Compound’s CEO, Robert Leshner, stepped down simultaneously, causing the token to register massive gains.

By early July, the asset surged to touch $79 amid bullish market forces. However, by the end of July, a trend reversal occurred, causing the asset to plummet below $47 by mid-August.

However, by September, the bulls took over to touch $47 yet again. As October commenced, a minor downtrend temporarily took the token below this level. However, this momentum was not sustained.

By mid-October, the token began to ascend again, completely breaching past the $47 level by the later weeks of the month. Following this surge, the token stabilized above this level, even momentarily touching $60 by the end of the year.

January saw COMP repeatedly test the $60 level. After a temporary drop, the token breached this level by mid-February. By the end of the month, it touched the peak resistance at $95.

By mid-March, the price was rejected at the peak resistance, which led to the asset falling below $79. After testing this level until early April, another downtrend occurred. As a result, the asset fell below $60 and remained here until mid-May.

By late May, the token managed to overcome the $60 level. At the time of writing, it stood at $62.

COMP’s current trajectory has been quite impressive. According to CoinMarketCap, the asset experienced an almost 10% surge in value over the past month, paired with an 8% spike in volume.

The market can go in two directions from the current scenario. If the bulls continue their rally, COMP’s value may soar to retouch the $95 mark. Sustained buying pressure can also push the token as high as $129. This level has held its ground since 2022 and can likely lead to some pushback.

Meanwhile, a break below the current support will effectively tilt the trend in favor of the bears. This can trigger a lasting downtrend, causing the price to plummet as low as $47. In case of a stronger bearish rally, the token may even revert to $34.

Amidst all this, our predictive algorithms suggest that the future of COMP appears cautiously optimistic. The models envision the cryptocurrency reaching an average value of $234 by 2031. If the asset continues the modest growth trajectory, the average price can go as high as $689 in 2035.

COMP's 2024 roadmap: Key indicators to watch and trade

• The Relative Strength Index (RSI) began its journey from below the neutral 50 line. By June, the indicator spiked above the neutral line. However, it dropped again by early August.
• By late October, the RSI rose above the neutral line yet again. During late February, it even momentarily surpassed the overbought territory. However, a sharp decline took the RSI below the neutral line by early April. At press time, the indicator recovered slightly to stand at 51.22, indicating increased buying pressure for the asset.
• The On-Balance Volume (OBV) experienced a significant increase from June to July. Following this initial ascent, the momentum reversed, leading to a decline until September. 
• Subsequently, the OBV saw an exponential ascent that continued until late February. Yet, this rise was then countered by a downturn in the indicator. Since April, the indicator has stabilized. By early May, it spiked slightly, standing at 1.502 million at press time. This reflected a renewed buying interest.
• In terms of trading volume, there was a substantial increase coinciding with the initial rally. However, following this period, the volume declined and remained low. Notably, the rally in February did not attract a significant increase in trading volume.
• The trading volume diminished further as the price faced rejection. This highlighted a potential lack of confidence or disinterest from traders. At press time, the volume had reverted to its previous lows.