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The cryptocurrency market experienced perhaps its best period of growth in the past year, with most coins achieving new all-time highs. However, one of the areas in the cryptocurrency space to garner the most attention is the decentralised finance (DeFi) area. DeFi has gained a lot of adoption as more people entered the crypto space searching for alternative financial solutions.
Compound is one of the leading DeFi protocols, enabling it to gain huge adoption within the crypto space. As such, Compound is a cryptocurrency of interest for numerous investors and traders, and they would like to know how its price will perform this month. We’ve put together this piece to look at Compound’s price potential for June 2021.
COMP, Compound’s native token, has performed excellently so far this year. At the start of the year, COMP was trading at $148 per coin. However, the cryptocurrency market rally picked up from where it left off last year, and COMP continued its upward trajectory, reaching its all-time high price of $911 per coin on 11th May.
However, the cryptocurrency market has been locked in a bearish trend for the past few weeks, and several cryptocurrencies have dropped drastically from their all-time highs. COMP is one of the cryptocurrencies to suffer from the current bearish cycle. COMP is currently trading at $340 per coin, representing a 200% increase in price year-to-date. This is still a huge return on investment, considering we are just halfway into 2021.
With the DeFi space gaining massive adoption, COMP is still a very interesting cryptocurrency, and its liquidity and trading volume show how involved traders and investors are in this project.
Compound has recently had several interesting developments. Let’s explore how these could affect the price of COMP.
Last month, leading social investment platform eToro added support for a few decentralised protocol tokens, including COMP. The piece of news is an important one because COMP is now available to more traders and investors globally, thanks to eToro’s position in the digital asset trading market.
Another important announcement came from Bitstamp. The cryptocurrency exchange added support for COMP on 7th June, allowing traders and investors to access the cryptocurrency with zero fees for the next three months. As a result of the announcement, COMP could rally higher in the coming days.
COMP’s price is down by 11% over the past 24 hours, mirroring the performance of the broader cryptocurrency market. If the market recovers, then Bitstamp and eToro listing COMP could lead to bullish sentiments from the investors, and this could push the cryptocurrency’s price higher in the coming weeks or months. At the moment, COMP is the 52nd largest cryptocurrency, with a market cap of $1.6 billion.
According to CoinMarketCap, COMP is currently trading around $340 per coin and has a market cap of roughly $1.6 billion. The COMP technical analysis situation indicates that its price has declined by more than 50% from its 30-day high and all-time high price of $911. However, it is also up from its 30-day low of $268.36.
Currently, COMP’s monthly technical indicators and moving averages suggest one sell recommendation and sixteen buys. This means that analysts feel strongly that COMP’s price could bounce back in the coming weeks and months.
The COMP/USD pair is performing excellently at $340 after establishing strong support at the $305 level a few days ago. COMP’s monthly support level stands at $180, and the resistance level is $777 according to its Fibonacci retracement levels.
COMP/USD chart. Source: Coinalyze
After establishing its strong support at $305, COMP’s price could rally higher with the support of the broader cryptocurrency market. The COMP/USD pair could look to break past the next major resistance at $383. Any move past that level could set COMP up for a massive climb towards the $450 mark.
However, for COMP to rally that high, it would need the support of the broader cryptocurrency market. The general crypto market is still in a bearish cycle, with Bitcoin struggling around the $32,000 region. Bitcoin and other cryptocurrencies have to record higher gains for the positive sentiment to return to the market. When this happens, COMP’s price could rally and attempt to reach $500 again.
To conclude, if the market mounts a recovery more broadly, COMP could push up to $450 in June. Otherwise, other factors that could allow a technical recovery would include continued interest in DeFi or external investment in the Compound Protocol.
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