Most of the cryptographic market trades in the green zone after making significant profits in the last 24 hours. The compound belongs to the altcoins, which produce significant gains. The compound recently came into the limelight to launch Compound Treasury, a major development in DeFi. The United Ministry of Finance increased the institutional acceptance of the COMP and added values.
The compound is trading at $ 369.57 at the time of writing after a 13.7% increase in 24 hours.
COMP price analysis
The compound appears to be in the high volatility zone. COMP has been on the rise for the past 24 hours, and this rise may continue. If it manages to sustain the uptrend, we can see that COMP is heading towards dismantling the resistance by $ 400. Strong market support could also launch a new bull run for COMP at around $ 520, as seen in early July.
On the flip side, market support may fail again, and Bitcoin, along with altcoins, will go to a lower level. COMP mimics this trend, and just like any other market, it is testing lower support at $ 320. Currently, Bitcoin is struggling to keep water over $ 30,000, and if the trip goes again, the COMP will also trigger.
The combined Ministry of Finance encourages finteches to join DeF. The platform allows non-encrypted fintechs to receive a fixed interest rate of 4%, which is higher than the rate offered in a regular savings account. The Treasury contributed positively to COMP’s growth at the beginning of the month, and by attracting more fintecs, this growth will increase.
Grayscale, one of the largest custodians of digital assets, July 19th announced that it would add a new product focusing on DeFi tokens such as Compound. This increase also has a positive effect on the value of COMP. The DeFi fund attracts increased demand for Compound and thus increases in value.
Where to buy COMP
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