фото показано с : invezz.com

The price of Compound (COMP/USD) is 10.6% higher over the last 24 hours, which has led to the token’s current value at $205.00. The change in prices coincides with the rising trading volumes, which are currently above $210 million.

The token’s market capitalization has also increased to around $1.29 billion, with the token now ranking as the 95th largest cryptocurrency by this metric.

COMP was one of the most hit tokens during the May crash, and despite several bullish attempts, the all-time high of above $900 remains a far reach. Additionally, during the slight bullish gains in November, COMP rallied to $400, but it has dropped to below $200 during the past few days.

The bearish trend during the past weeks has led to COMP forming a new monthly low at $178. However, the downtrend could be the start of a bullish rally for the token.

Since early November, COMP has been on a consistent downtrend, which now shows signs of reaching exhaustion. There could be no more lows for the altcoin, with the lower support now lying at $175. Hence, the most likely price action for the token is an uptrend.

For COMP to make a strong rebound, maintaining levels past $200 is critical. The current buying support has attracted buyers, with the token now eyeing $250. As long as it holds past $200, buying pressure will most likely remain high, given that traders are now looking for tokens that have some price action.

Nevertheless, the market has not fully recovered, and volatility remains high. Therefore, COMP could still make a downtrend. Selloffs will be triggered by a rally below $200. However, dipping below $170 is less likely, because as aforementioned, the downtrend could be exhausted at this level.

Compound Labs has been gaining as the decentralized finance (DeFi) protocol continues to vote on various governance proposals. The proposals will affect the operations of the protocol and on COMP’s tokenomics.

The proposals have been running for several weeks, with the latest proposal being the addition of the Pax dollar, USDP, on the Compound protocol. The addition of this stablecoin could boost the DeFi capabilities of the network, triggering notable gains for COMP. Some of the other proposals include boosting the decentralized security of the protocol and continuous audits of the platform. Those who have governance tokens get to vote on these proposals, and they could eventually contribute to be the betterment of the network.

The post Compound (COMP) targets $250 as it gains over 10% in 24 hours appeared first on Invezz.

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