COMP is a token of platform Compound. Its current price is around $55.16 by the time of writing, with a low of $26.52, and it has a market cap of 400 million dollars.
COMP Coin Market Analysis
COMP has a total supply of 10,000,000 coins worth around $55.16 with a market volume of 84 million dollars, whereas the market capitalization is 400 million dollars at writing.
The Price of COMP has spiked 5% today following the successful completion of the Ethereum Merge this morning. As a result, the price is now at $56 and can return to $60 in the coming days or months.
The rumors are true, and the Compound is launching a stablecoin lending service. Investors can use Bitcoin and other ERC-20 tokens as collateral and get crypto-backed loans in return.
The company Compound Treasury is the only decentralized business to have acquired a credit rating from S&P Global Ratings. They can now offer institutions the opportunity to borrow and invest in the secondary buying market.
The Compound Treasury, can now meet the demand for liquidity and offer the same reliable service they were doing before without relying on Wall Street.
The protocol specifies that “authorized” institutions with stablecoin loans will have fixed rates starting at 6% APR in USD coins.
Institutions can draw liquidity and repay amounts as they see fit for as long as they remain overcollateralized because the loans will not have a maximum or minimum amount.
What is COMP?
COMP is the coin of the Compound platform, which is around $55.16 by the time of writing, with a low of $26.52. It reached a high of $459.16, and its current ranking is #87, according to CoinMarketCap, with a market cap of 400 million dollars.
COMP Price Prediction
On the 4H timeframe, the price action of $COMP/USDT is rejected from the resistance zone of the ascending triangle. If it breakdown the support trendline and retests successfully, it can go downwards.
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Closing Thoughts
Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.
