Crypto

Is the compound (COMP) a buying opportunity after the price drops?

COMP / USD is Compound’s native token that allows you to discuss, propose, and vote on changes to the Compound protocol.

COMP has weakened from $ 913 to $ 197 since May 12, and the current price is $ 235.

Cryptocurrency loans and loans

Compound is a blockchain-based decentralized protocol that allows its users to lend and borrow cryptocurrencies. The compound is designed for developers and is managed by a decentralized community.

This blockchain-based protocol raised $ 25 million in 2019 to expand crypto lending, and according to its founder, Robert Leshner, the old financial system was slow, inefficient, and limited by middlemen.

This project aims to build a financial system in which everyone can achieve prosperity, and it is important to say that Compound puts a lot of effort into providing the easiest experience for its clients.

Many cryptocurrencies can be provided or borrowed with this protocol, and when you provide an asset to Compound, you immediately start receiving interest on that deposit.

To interact with this protocol, you must use COMP tokens that allow you to discuss, propose, and vote on changes to the composite protocol.

The COMP token is an ERC-20 token and is distributed to all lenders and borrowers in this protocol. Interest on the crypto you deposit with Compound comes in the form of a native COMP token, while it is important to say that a loan limit is determined based on the value of the collateral you have provided.

The COMP token made an impressive profit in the first half of 2021, hitting a record high above $ 900 on May 12.

COMP is currently down more than 70% from its peak, but according to Mike McGlone, senior commodities strategist at Bloomberg, 2022 will be a successful year for the cryptocurrency market.

Many institutions have started to view cryptocurrencies as an excellent store of value; Still, Vijay Ayyar, vice president of business development and global expansion at crypto exchange Luno, said that regulation will be a key issue in 2022 for the cryptocurrency market. Vijay Ayyar added:

2022 will be a great year from a regulatory perspective; Undoubtedly, the interest of various governments, and in particular the United States, in bringing regulation to the crypto space has not been greater.

Take control of COMP

COMP has tumbled from its all-time high above $ 900, recorded on May 12, and the current price is $ 235.

Data source: tradingview.com

COMP remains in a bear market; Still, if the price goes above $ 300, it would be a “buy” signal and the next target could be $ 350.

resume

Compound is a blockchain-based decentralized protocol that aims to create a transparent financial system and allows its users to lend and borrow cryptocurrencies. COMP is the native composite protocol token and based on technical analysis it remains in a bear market.

The post Is Composite (COMP) A Buying Opportunity After Prices Drop? appeared first on Invezz.

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