Compound price (COMP) determined to exceed $120

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The compound price saw some volatility in 2022, but one level that the price constantly returned to – either as support or resistance – was $120. Even now, at the time of writing, the COMP price is sitting just below this level, having attempted to breach it for the past 7 days. In fact, the price data suggests that the COMP price is up 0% from where it was 7 days ago.

COMP Price Behavior

Compound was launched in June 2020, just when DeFi started to explode and attract users with its decentralized banking services. Compound itself became a lending protocol, and it quickly rose through the ranks, dominating as one of the biggest lending protocols in just weeks.

Its price reflected this growth by skyrocketing from its starting value of $64 to $337 in just three days, from June 18, 2020 to June 21. Of course, such rapid growth was followed by a correction that took COMP to $120, which was the first time in its history that this level had come into play.

Being its biggest support level to date, $120 allowed the token to bounce back on recovery and then it stopped its fall again when COMP crashed in late October/early November of the same year.

When the token entered 2021, it joined the Bitcoin-led rally that took it to $500 in early February, but it got stuck there trying to break that resistance for the next two months. He finally managed to do so in mid-April, and after that he skyrocketed to his ATH at $911 on May 12. Unfortunately, this is when the crypto price crash hit the entire industry, causing the value of coins and tokens to plummet by 50% in the initial crash.

COMP fell from $911 to $400, losing over 50% on the initial decline, then continued to sink until it reached support at $220 on June 21. It quickly got back to $500, but it never managed to cross that level and go over it again. While the price rally that occurred in October and November 2021 took Bitcoin to a new ATH, COMP did not follow. In fact, its price jumped from $500 to $300 in early September, and during the November rally, it failed to even reach $400 again.

Instead, it shot up to $383, and that’s when the bulls were replaced by the bears and the COMP price began its long descent.

Composed in 2022

With its price collapsing after reaching $383, Compound continued to decline until the end of 2021 with a price of $203. Fortunately, the first five days of January 2022 saw a brief return of the bulls which allowed it to bounce back up to $240, but on January 5 the bears returned and forced Compound to $180.

While the resistance held for a while and the token even tried to rally and break through $200 several times, it finally gave way in the bear market and crashed to $120.

Price behavior COMP 2022

This was around January 22, and for the next week and a half the support took place. In early February, the crypto industry saw another short period of calm, which sent the COMP price soaring to $150. But, on Feb. 9, the bear market returned and caused the token to drop so sharply that it fell to an all-new low at $100.

Since then, the token has made several attempts to rally and reach above $120, but the support turned resistance has not allowed it so far, even though Compound has shown quite a bit of effort and determination during of the last 7 days.

To learn more, check out our Investing in Compounds guide.

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