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Compound Price Prediction 2021 – Will COMP Hit $851 Soon?

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Compound Price Prediction 2021 - Will COMP Hit $851 Soon?
  • Bullish COMP price prediction ranges from $530 to $690.
  • The COMP price might also reach $851.
  • COMP bearish market price prediction for 2021 is $195.

In Compound (COMP) price prediction 2021, we use statistics, price patterns, ADX, and much other information about COMP to analyze the future movement of the cryptocurrency. 

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. Compound, one of a growing number of decentralised finance (DeFi) protocols, uses multiple crypto assets to provide this service, allowing lending and borrowing without the need for a financial intermediary such as a bank.

Current Market Status of Compound (COMP)

According to Coingecko, the price of Compound is $431.35 with a 24-hour trading volume of $209,199,692 at the time of writing. However, COMP has increased by 1.7% in the last 24 hours, at the time of writing.

Moreover, COMP has a circulating supply of 5,400,844 COMP coins. Currently, COMP trades in cryptocurrency exchanges such as Binance, OKEx, FTX, Upbit and CoinTiger.

Compound (COMP) Price Prediction 2021

Compound (COMP) holds the 68th position on CoinGecko right now. COMP price prediction 2021 explained below with a daily time frame. 

COMP/USDT Ascending Triangle Pattern (Source: TradingView)

An ascending triangle is considered a continuation pattern, which means that it is significant whether it occurs during an uptrend or a downtrend. When the price breaks out of the triangle, traders tend to buy or sell the asset aggressively, depending on which direction the price broke out.

Currently, COMP is waving at $377. After this, COMP would continue to follow the pattern where the price chart would show uptrend. If the trend reverses, then the price of COMP may fall to $195.

Compound (COMP) Support and Resistance Level

The below chart shows the support and resistance level of Compound (COMP).

1637935449 886 Compound Price Prediction 2021 Will COMP Hit 851 Soon
COMP/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of COMP.

  • Resistance Level 1 – $530
  • Resistance Level 2 – $666
  • Resistance Level 3 – $851
  • Support Level 1 – $377
  • Support Level 2 – $195
  • Support Level 3 – $77

The chart depicts the bearish performance of COMP over the previous month. However, COMP will follow a bullish pattern and will rise. On the contrary, if the trend reversed then COMP might fall to $77 presenting a bearish signal.

Compound (COMP) Average Directional Index (ADX)

Let us now look at COMP’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

1637935450 413 Compound Price Prediction 2021 Will COMP Hit 851 Soon
COMP/USDT ADX (Source:TradingView)

The above chart represents the ADX of COMP lies in the range at 19.9, so it indicates a weak trend.

Conclusion

The COMP is one of the cryptos which is great for long-term investment. In addition, COMP price prediction is bullish for a short-term. It has a good chance of reaching $910.54 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the COMP ecosystem, the performance of COMP would rise reaching $690 very soon. But, it might also reach $851 if the investors believe that COMP is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cardano Price Up And Down Amidst SundaeSwap Launch

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The price of Cardano (ADA) surged and plunged on the same day, starting with the excitement around the launch of its first decentralized exchange, the DEX SundaeSwap, then following the downtrend of Bitcoin.

SundaeSwap’s Wins And Failures

ADA’s price had been up around 10% in the last week tied to the launch of Cardano’s beta version of its first decentralized app (DApp) SundaeSwap, a decentralized exchange (DEX) that allows token staking and aims to “decentralize not just the access to financial services, but also the core business model itself.”

“We are launching with a Beta label because, while the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.”

SundaeSwap’s launch entails the inclusion of its utility token SUNDAE, which offers holders the availability to vote on the governance protocol, plus trade, strake and lend coins. The token’s price will be determined by the community as prove of its goals towards decentralization.

“The Sundae Token is a utility token central to the healthy operation of the SundaeSwap DEX. We are focused on building the most useful decentralized exchange protocol we can, in line with the decentralized ethos that we all believe in. As part of that, we strongly believe that this protocol doesn’t belong to us, the company who wrote the software, but to us, the whole SundaeSwap community.”

They explained that at the protocol’s launch, 7% of the community supply of the token would be “locked by the DAO into a smart contract called The Taste Test,” and added that at the end ten days, “all of these tokens will be used to create the ADA/Sundae liquidity pool, establishing the initial price for the token.”

Not long after trading on the DEX started, users were dissatisfied about congestion on the net, orders pending over hours, and failing transactions. SundaeSwap’s team had already warned about this possibility ahead of the launch.

CEO Mateen Motavaf addressed the complaints in a bolds and cap message that said “IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT”.

The team had written on January 8 “We want to inform you all that while orders may take days to process, everybody’s orders will be processed fairly and in the order they were received.”

They remain confident that “the protocol can meet the normal day-to-day load once things settle down.”

Cardano’s Scalability

The Cardano roadmap is currently focusing on several updates to optimize and scale the network, hoping to achieve faster transaction and adopt the layer 2 Hydra solution.

Its partner company Input Output just announced a promising scaling update that is supposed to increase Plutus script memory units per transaction to 12,5 million. The first change is supposed to take effect on January 25.

“Improvements in Memory/CPU parameters for Plutus remain one of 11 ways that Cardano intends to scale in 2022. Other paths include block size increase, Pipelining, Input Endorsers, Node enhancements, on-disk storage, sidechains, Layer 2 Hydra scaling solution, Offloading computation and the Mithril solution.”

– Input Output

Issues aside, Cardano has already grown stronger in its competition with Ethereum, recording a higher trading volume at times and lower fees.

Related Reading | Cardano Enters The Basho Stage: How It Improves Performance

Bitcoin Behind Cardano Crash?

Today, Bitcoin fell around 10% to under $38,000. At the same time, the total market cap fell bellow $2 trillion.

Analysts have alleged before that Bitcoin rules over the health of the crypto market, thus its downtrend could affect other coins like ADA.

Many enthusiasts were expecting a bullish trend for the Cardano coin hoping for its price to reach $2 amidst future optimizations and SundaeSwap’s launch, but this setup has been spoiled.

The SundaeSwap launch pushed Cardano toward a surge of 7.5% from its day-low price of $1.32 to $1.42, then stabilizing at $1,40. Then, following the crypto market’s downtrend, ADA decreased to around $1,20.

The general downtrend of the market followed the general worry over a more hawkish Federal Reserve, expecting higher interest rates. It also happened in parallel to Russia’s announce of a crypto ban.

ADA trading down at $1,2 in the daily chart – Source: ADAUSDT on TradingView.com

Related Reading | Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

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Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

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Bitcoin and ethereum

Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary.

Mike McGlone On Bitcoin And Ethereum

Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum.

BTC down to $38K | Source: BTCUSD on TradingView.com

The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction.

“Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.”

This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this.

Other Cryptos May Not Fare Well

Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback.

Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?

McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst.

“The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said.

Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added.

Featured image from Bitcoin news, chart from TradingView.com
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Opera’s new launch Web3 Crypto Broswer Is All Set For Your Device

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Opera's new launch Web3 Crypto Broswer Is All Set For Your Device

Opera, the famous email browser, has introduced a beta version of its web3 crypto browser. The new beta version is more than just your average internet surfer. Along with features such as a built-in cryptocurrency wallet and shortcut for quickly switching between different crypto exchanges. They have also added decentralized apps support.

Web3 Crypto Browser

Opera Web3 crypto browser supports both cryptocurrency and blockchain technology. It can function in an environment where digital currencies are accepted and store your funds securely for use on the web or when making transactions through NFC templates (Sony).

Blockchain is a decentralized solution that reduces the need for third-party verification by providing trust in transactions through digital signatures. Furthermore, the blocks of this network are spread all over the internet, so it’s tough to hack.

Related Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

Blockchain is the future. It’s been implemented and tested against major corporations that have seen its potential for revolutionizing their industry.

The blockchain is like a security system to store and transmit data. It’s challenging for anyone else to view what you’re doing on this decentralized platform because all copies are identical, making it super safe.

Nowadays, blockchain technology finds itself being used not only by those seeking anonymity but also transparency. Whether you’re an artist wanting domestic creatives’ rights protected.

Web3 Browser Features

The new Opera Web3 Crypto Browser allows you to explore the emerging world of decentralized web apps. Right now, it’s mostly an online home for crypto enthusiasts and strange blockchain applications with sometimes interesting tokens on them.

The future of Web3 is here! With the Opera browser, you can now enjoy a decentralized internet where everything you do will be rewarded with tokens.

This foundation for mass adoption has been developed by an innovative company that understands how important security and privacy are in today’s world-a place without those two essentials would surely lead us into chaos.”

In an official announcement, Opera stated:

Too few of the web browsing experiences offered today have been built with the intention of putting Web3 centerstage and making blockchain technologies understandable and easy to use. With the Crypto Browser Project, we have set out to change this and starting today, we are inviting the blockchain community to join this mission. If we are to take Web3 beyond great ideas, we need to craft products that embrace both crypto enthusiasts who understand the space and those who are only starting and want to explore it. Our belief is that the world of blockchain needs a fully dedicated browsing experience.”

The crypto browser is a new way to make trading cryptocurrency easy and seamless. It allows users who don’t want the hassle of third-party solutions like Coinbase or Bitstamp to trade their coins right from within opera without worrying about losing private keys on babysitting Platforms that are known for security holes.

Total crypto market cap shows a decrease of 3% on daily chart | Source: TradingView.com

Crypto Corner is a unique browser extension in the Web3 crypto browser that contains the most topical and essential crypto news.So you never miss an update on new decentralized applications again.

Blockchain Technology Future

The Web3 project is not new. Do you remember The HTC Exodus 1 phone? It was an ambitious collaboration between many companies, including the well-known crypto wallet and Opera browser, but never saw completion.

The future seems bright for blockchain and cryptocurrency. Some people think it will be one of the most critical networks in our digital world.

Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend

In contrast, others worry about its environmental impact or how quickly these technologies grow saturated with data storage capacity as they are currently doing now due to their popularity among users worldwide.

It is too early to say that blockchain will never succeed. Technology still has many developing stages. We need time for its full potential to unfold before making any conclusions about whether or not this new invention can revolutionize the way we live our lives entirely.

Web3 Crypto Browser Available Versions

Try out this new browser that is so far available for Mac, Android, and Windows. The iOS version will be released soon.

Featured image from Pixabay, chart from TradingView.com
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