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Compound (COMP) Spikes 18%: Ascending Triangle Pattern in Play

Compound Lending Platform Set to Start Token Distribution

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Even though the developers of Compound launched Compound Treasury, which allows institutions to lend using their digital tokens as collateral, Compound (COMP) coin was unable to stop its recent downtrend and fell below the $62.00 mark. COMP is one of several interest rate protocols that have emerged due to the rise of blockchain-based DeFi applications.

Compound is an independent algorithmic system that runs on the Ethereum (ETH) blockchain. Compound aims to provide cryptocurrency users with a cryptocurrency-based equivalent to traditional financial money market accounts, allowing investors to earn a return on their investments. However, the ongoing decline of the merged coin has been attributed solely to the downward trend of the crypto market.

Due to poor global markets and fears of a recession in powerful countries such as the US and Europe, the cryptocurrency market has been flashing red since the beginning of the week. On the other hand, a rising US dollar supported by higher interest rates was another key factor weighing on ApeCoin.

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Quotation Options Own Been Introduced

According to recent Compound cryptocurrency news, the protocol will allow institutions to lend on September 14, 2022. According to Medium, institutions can now lend through Compound Treasury using digital assets as collateral to meet growing demand for liquidity. They accept USD or USDC loans with collateral from ETH, BTC and other ERC-20 tokens. Fixed rates starting at 6% per annum are now available to approved institutions.

Compound Treasury offers 4 percent interest on USD and USDC bonds. According to Compound Treasury’s management, this measure was intended to increase demand for liquidity while mitigating market volatility. Compound Treasury is supported by Compound Labs, which has prominent clients such as fintech companies, banks and blockchain developers. The Vice President of Compound Treasury believes that the new lending option will continue to serve its customers during this period of uncertainty.

Customers can borrow indefinitely without a repayment period. According to the organization, the only criterion is that consumers remain “overinsured” with crypto assets. As a result, the price of the compound rose, but the gain was short-lived as the bearish crypto market took center stage.

Bearish cryptocurrency market

Given the weak global markets and fears of a recession in key countries such as the US and Europe, the cryptocurrency market has weakened since the beginning of the week and continues to decline. The US central bank’s aggressive inflation policy dampened the mood even more. This was after the Fed raised interest rates by 75 basis points.

Meanwhile, the US dollar has breached the 111 level, making cryptocurrencies vulnerable to the dollar. As a result, the falling crypto market was seen as one of the main factors keeping the Compound coin under pressure.

Compound (COMP) price and tokenomics

The current compound price is $62.66 and the 24-hour trading volume is $50,548,645. Over the past 24 hours, the compound has fallen 0.18%; However, it has gained 17.68% in the last seven days. The compound is now ranked #77 in the market with a live market cap of $455,364,243 USD. There are 7,267,152 COMP coins in circulation, with a maximum supply of 10,000,000.

Composite price chart

Composite Price Chart – Source: Tradingview

The COMP/USD pair is trading sideways on the technical front in the $60.39-$65.98 range. An ascending triangle pattern is keeping COMP bearish over the 4-hour period, and a double top pattern is likely to provide major resistance at $65.98.

A break above $65.98 is likely to continue the uptrend until $70.27 is reached. The 50-day moving average indicates an uptrend for COMP above $58.75. MACD and RSI are different, RSI is in the buy zone and MACD is in the sell zone. A break below $60.39 could extend the selling trend to $55.35 or $51.65.

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