COMP Price Gains 22.2% to $380.10 – How to Buy Compound

Compound (COMP) Price Gains 22.2% to $380.10 – How to Buy Compound
Compound (COMP) Price Gains 22.2% to $380.10 – How to Buy Compound

COMP seems to have reclaimed an upwards streak this week after rallying by a significant range. The DeFi token is inching closer towards reclaiming its lost numbers in May, and holders are all too glad to embrace the new gains.

In the past 24 hours, COMP’s value has increased by 22.2%. At the time of writing, COMP is trading at $380.10 on major exchanges.

COMP Price Analysis

COMP Price Analysis July 3
Source: TradingView

COMP’s value is inching closer towards reclaiming higher grounds. The primary resistance for the coin is at $400, and if more gains continue exhibiting this month, we might witness COMP retesting those levels.

However, for COMP to go to higher levels, it needs higher demand from the crypto community and requires support from the broader cryptocurrency market. If it goes to such levels without help from the broader market, two things could happen. Short-term holders might sell off the token to reclaim their losses, or the coin might go to higher levels, and hence bulls will resume.

On the downside, COMP might fail to go higher and instead move to lower ground. This might cause the token to retest the $350 support levels. Going lower than this might mean that bears have officially resumed for the token, and further declines may be reported.

The current rally for COMP tokens is attributed to the company’s news about Treasury. Compound Treasury will be a new DeFi service that has been solely created for institutional DeFi investors.

With DeFi witnessing growth by the day, having such a service will place Compound at a better place amongst other competing DeFi companies such as Aave. This potential has led to an increased demand for COMP tokens. If similar projects are launched by the firm, then the bull signal will grow stronger.

Where to Buy COMP

For those who want to buy COMP tokens during the current rally, you need to create a crypto exchange account on a reputable and secure platform such as eToro. eToro comes with competitive trading fees and features that will make it easy for beginner traders to trade crypto. These features include copy trading and a demo trading account.

Looking to buy or trade Compound (COMP) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provide.

Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.