Compound is one of the most popular DeFi tokens in the crypto market. DeFi coins have been making massive gains in recent weeks, but it seems that a halt in this upswing has been reported. COMP is back to trading in the red zone, while most of the other cryptocurrencies have enjoyed slight gains.
COMP is trading at $424.36 at the time of writing after a 2.7% drop in the past 24 hours.
COMP Price Analysis
Compound is one of the coins that are still trading at the red zone despite the gains that some tokens have made at the beginning of the week. The next resistance level for COMP is $450, which will be achieved if the token garners support from the entire market. Besides, if there is more demand for DeFi tokens in the market, this price will go even higher.
On the other hand, if there is less support from the market, COMP might retreat lower than its current price, and the next stop for COMP will be at $410. A retreat below $400 will happen if there are sharper bears in the market.
As one of the leading DeFi tokens, COMP makes one of the best investments in the market. Because of this, if there is a retreat in prices, buyers might rush in to buy during the dip; hence we might experience prices consolidating at around $400.
DeFi tokens make one of the best investments in the market, with the market cap of these tokens currently standing at around $148 billion. In addition, the total value locked in DeFi smart contracts has reached $90 billion. Because COMP makes one of the most popular DeFi tokens, it is one of the best investments in the market.
The Compound Treasury is also expected to boost the liquidity and trading volumes of this platform. With more institutional investors expected to link into Compound labs through Treasury, these volumes are only expected to grow.
Where to Buy COMP
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