Compound Price Gains 6.5% to $429.42 – Where to Buy COMP

Compound Lending Platform Set to Start Token Distribution
Compound Lending Platform Set to Start Token Distribution

Compound’s value has been on a rising streak, given its dominance as a DeFi token. Unlike most of the cryptocurrencies in the market, COMP derives most of its value from the growing popularity of DeFi yields, giving it an edge over other tokens in the market. Currently, Compound is among the few coins that are still trading in the green zone.

At the time of writing, COMP is trading at $429.42 on major exchanges. This is a 6.5% gain in 24 hours.

Compound Price Analysis

Compound Price Analysis July 5
Source: TradingView

Compound seems to be on a remarkable rise, and its holders are gaining massively. After breaking past $400, the token is now inching closer to reaching $450 if the upswing continues. The current value of COMP may trigger new buyers to buy the token, hoping to benefit from the token’s bullish flag, and prices may go higher.

On the other hand, if more buyers jump in at this point, the token may soon reach an overbought status, causing a retreat to lower levels. As soon as a downtrend registers, COMP holders may sell to minimize losses; hence a decline below $400 might be registered, and bulls will be reestablished.

COMP going past $400 is quite a jump for the coin, and without market support, a price correction might happen. Nevertheless, there is no indication that a price correction will happen any time soon and whether the upswing will continue. Hence, those who buy now might be in for significant gains or massive losses.

Institutional investors are getting drawn into DeFi, which could explain why COMP is gaining in value. After launching Compound Treasury, institutional interest in DeFi will increase, which may boost the demand and popularity of COMP. News of institutions aligning with Compound Labs is going to spike COMP to greater levels.

Where to Buy COMP

The potential of COMP makes it a good investment. To purchase the token, create an account on eToro, one of the most established and reputable crypto exchanges. It boasts of incredible features such as copy trading and low fees. Besides, it supports a wide range of cryptocurrencies and trading pairs.

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.