Decentralized finance (DeFi) has been booming this month following the ongoing crypto market rebound. DeFi tokens such as Compound have made incredible gains, and despite these gains, COMP is yet to reach an all-time high as many tokens have done. However, its steady uptrend is still at play; hence we could see gains being acquired again.
Compound is trading at $525.51 at the time of writing after a 13% gain in 24 hours.
Compound Price Analysis
Compound’s bull run seems to be headed to higher levels after an impressive 42% bull rally in the past thirty days. The past 24 hours have especially been good for the coin because of making double-digit gains.
Like most altcoins, COMP is gaining its bull run from market support that remains strong at this level. Hence, we could see the DeFi coin heading to even higher values of $550. If COMP manages to break this resistance level, it will create a new monthly high that could trigger a bull run from buyer support, after which we could see May levels being reclaimed.
On the other hand, we could also see Compound fail to register additional gains, after which the coin could retreat slightly to retest the lower support of $480. While this level could trigger dip-buying from short term traders, another recovery at this point will depend if there is market support. The broader market is still showing incredible gains; hence we will see COMP bulls growing stronger.
Compound Labs is one of the leading DeFi platforms, giving it more stability than other platforms. Recent analysis states that new DeFi platforms are prone to DeFi hacks because of technical expertise. Hence, those venturing into DeFi are advised to go for platforms such as Compound and Aave, which are more stable. However, investors are also cautioned not to assume that these avenues are also safe.
Where to Buy COMP
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