The crypto market has started the week with significant gains. Despite the financial market uncertainty caused by the Evergrande debt crisis in China, the market is still fighting to move to higher levels. COMP is among the coins trading in the green zone after making double-digit gains in the past 24 hours.
Compound is trading at $369.94 at the time of writing after a 15% gain in 24 hours.
Compound Price Analysis
Analyzing COMP’s graph over the past month, the coin has experienced increased volatility that has interfered with the DeFi coin’s uptrend. However, after a series of major price dips, the coin is recovering and is now pushing to higher levels.
Currently, the overall market support is weak because volatility is still high. If buyers continue supporting the coin, the uptrend could move it towards a higher resistance of $380. If market support comes into play, the other target will be $400.
Despite the recent gains, COMP has not yet made a new monthly high. At the beginning of the month, the DeFi coin had rallied towards $460, and if a bullish sentiment across the broader market forms, the coin could rally towards these levels once again.
On the downside, COMP could move towards lower levels if buyers fail to rally up support. In this case, the lower support of $340 will be tested. Before the 24-hour bull rally, COMP was trading at $320, and if there is a correction, the coin could retest these levels again.
tZero, a leading blockchain and liquidity service provider firm, recently announced expanding its crypto offering with five new cryptocurrencies. Among the new additions was COMP, whereby users on the tZero crypto app can now buy, sell and hold the cryptocurrency.
Compound is one of the leading decentralized finance platforms, and because of this, it has enjoyed increased popularity. The Compound protocol supports DeFi lending and borrowing; whose increased popularity has also attracted the attention of regulators. While these regulations could disrupt the DeFi sectors in the short term, they could enable the sector to become more mainstream in the long run.
Where to Buy COMP
To buy COMP during the current bull rally, you can open a cryptocurrency exchange account on eToro. eToro is a renowned social copy trading platform that allows a new trader to learn from the tips used by expert traders. eToro is also supportive of user-friendly features such as low trading fees.
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