The post Compound (COMP) Price on the Verge of 250% Surge After a Successful Breakout appeared first on Coinpedia Fintech News
Compound Finance (COMP), a top-tier decentralized financial (DeFi) lending platform that enables users to earn interest on their respective crypto assets, has grown to a heavyweight web3 platform over the past few years. Over the past four weeks, Compound’s native token COMP gained more than 63 percent to trade around $88.92 on Wednesday during the London session.
The medium-capped altcoin with a fully diluted valuation of about $892 million and a liquidity of around $9 million has shown early signs of rallying toward an all-time high (ATH).
Why Bet on Inevitable COMP Bullish Rally
The Compound protocol has facilitated more than $1 billion in borrowed assets since its inception in 2017. As of this writing, the Compound protocol has around $3 billion in Total Value Locked (TVL) to facilitate seamless lending and borrowing. Consequently, the Compound protocol has managed to grow through the crypto bear market despite the 2021 comptroller vulnerability exploit.
The Web3 industry has led in the adoption of digital assets and blockchain technology amid the notable cash inflows. In the confirmed crypto bull market, the Compound protocol is expected to grow exponentially to a billion-dollar market.
COMP Price Expectations
COMP price has closely followed the general altcoin bullish breakout in the past few weeks following a notable Bitcoin (BTC) rally. According to a popular crypto analyst alias Captain Faibik on the X platform, COMP price has successfully retested a macro breakout and is now ready for an upsurge.
Notably, the crypto analyst expects the COMP price to rally at least 250 percent soon. The COMP bullish outlook is bolstered by the weekly Relative Strength Index (RSI) which has consistently remained above the 70 level in the past two weeks.