The majority of the crypto market is trading in the green zone after making significant gains in the past 24 hours. Compound is among the altcoins making significant gains. Compound recently came into the limelight for launching Compound Treasury, a significant development in DeFi. Compound Treasury boosted institutional adoption for COMP and pushed values further.
Compound is trading at $369.57 at the time of writing after a 13.7% gain in 24 hours.
COMP Price Analysis
Compound appears to be in a zone of high volatility. COMP has been on a rising streak in the past 24 hours, and this upswing could continue. If it manages to maintain the uptrend, we could see COMP heading towards breaking out of resistance at $400. Strong market support could also trigger another bull run for COMP to around $520, as seen at the beginning of July.
On the flipside, market support could fail once more, and bitcoin, together with altcoins, will go to lower levels. COMP will mimic this trend, and just like the rest of the market, it will retest lower support at $320. At the moment, bitcoin is struggling to hold water above $30K, and if trips again, COMP will also trip.
Compound Treasury is encouraging fintechs to join DeFi. The platform allows non-crypto fintechs to gain a fixed interest rate of 4% that is higher than what is offered under a regular savings account. Treasury had a positive impact on COMP’s growth at the beginning of the month, and by attracting more fintechs, this growth will increase.
On July 19, Grayscale, one of the largest digital asset custodians, announced that it would be adding a new product that focuses on DeFi tokens such as Compound. This addition will also have a positive impact on COMP’s value. The DeFi fund will attract increased demand for Compound and thereby boost value increase.
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