COMP: Compound is a DeFi lending protocol that allows users to earn interest on their crypto assets by depositing them into one of several pools supported by the platform.
When a user deposits tokens into a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying crypto asset initially deposited into the pool at any time. For example, by depositing ETH into a pool, you will receive cETH in return. Over time, the exchange rate of these cTokens to the underlying asset increases.
COMP has a market cap of $174.66 million, as of date, and the total crypto market cap is at $2.45 trillion.
On the daily chart, COMP is trading at $17.46 after experiencing a continuous downtrend from the $62-odd levels. The price chart is now showing early signs of recovery, with improving momentum and renewed buying interest.
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Technical Chart of COMP
On the daily chart, COMP price is trading above its Simple Moving Average (14 & 21 periods) levels of $17.50 & $17.44, indicating a shift in momentum in the coming sessions.
On the daily chart, the Relative Strength Index (RSI) is at 46.12 and the Stochastic is at 40.62, indicating recovery from the oversold zone.
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Support and Resistance Levels
| Support 2 | Support 1 | Asset (Price) | Resistance 1 | Resistance 2 |
| $13.54 | $15.20 | Compound ($17.46) | $19.93 | $23.45 |
Above $23.45, there is a possibility of hitting $27.73 levels.
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