Compound (COMP) has been bullish in the weekly timeframe despite the bearish cryptocurrency market. The cryptocurrency observed a growth of nearly 50% in the past seven days. At the time of writing, COMP coin stands at a price of $322. The price of the cryptocurrency has increased by 8% in the past twenty-four hours while the trading volume has jumped up by 35%. The cryptocurrency is underway reversing the down trend that had begun since the market crash.

Compound (COMP) Technical Analysis

Although the price movements of Compound show bullish divergence, the market for the cryptocurrency is neutral. Out of the total twenty-six technical indicators, ten are standing at a position of buy while the indications at neutral and sell are at eight each. The oscillators are bullish while the moving averages are neutral.

Compound (COMP) had been operating on an upward trendline; however, the market crash resulted in the cryptocurrency breaking the support line. COMP coin fell to a low of $200 but the bullish momentum was restored as the cryptocurrency established support nearby. Currently, another support level at $325 has been established by COMP crypto. The bullish momentum may be expected to be furthered fueled by the establishment of the support level. If the bullish divergence is restored and maintained then COMP crypto can be expected to reach towards $826.

Compound price prediction

Compound is a DeFi lending protocol which allows users to earn interest on their cryptocurrencies. The growth potential of the cryptocurrency is high. According to the estimates of Wallet Investor, Compound is expected to be operating at a price level of $718 in a year’s time while the 5-year projection places the cryptocurrency at a staggering $2,554. Long Forecasts predictions state that the cryptocurrency will fell in 2021 to $264, after which the bullish trend will be restores. Per the estimates, the price of the cryptocurrency is expected to be at $774.