COMP-USDTCompound- the torchbearer of the Yield Farming has established itself as one of the prominent names in the DeFi ecosystem. Being one of the early projects in the DeFi space, Compound has garnered in trust and reliance of the users that have contributed massively to the growth of the DeFi ecosystem.
At the of writing, Compound has locked in $7.01 Bn in its liquidity pools, from which, $4.46 Bn has been distributed as Outstanding loans which make up 63% of the TVL present in its protocol.
On the Daily Time Frame, BTC after hitting its All-Time High of $911 has retraced to 0.886 Fibonacci level, thereby marking its 2021 Low of ~$197. Since then, Compound has given an impulse move and is currently trading at ~$520.
As Compound has gained ~150% from its 2021 Low, it is a high probability that COMP may retrace a bit from its current levels. The immediate support to the lower side is present at $410 followed by $370.
On the higher side, the resistance to the higher side is present at $570 followed by $660. Compound holds enormous potential to be among the topmost lending protocols and thereby grow the investors’ wealth magnanimously.
