The COMP DeFi token has seen some increase in interest as Compound surged 10% after integrating CURV, a crypto custodian focused on institutional investors. Compound will leverage the technology and will help institutional clients earn rewards on their tokens, as we are reading more in the upcoming altcoin news.
The crucial technical index estimated that COMP is poised to advance higher despite the gains that were posted earlier.
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If the demand continues increasing, the DeFi token could increase to $175. The Defi protocol Compound looks like it is preparing for a bullish breakout as the utility expands over the entire crypto industry. The autonomous interest rate protocol Compound continues showing utility by rewarding the investors with attractive returns for their crypto holdings.
Because of the enduring success of the protocol’s custody startup, the compound team will integrate Curv, a crypto custodian focused on institutions and the move will provide institutional organizations with the ability to earn more cash on their idled assets. Curv’s list of clients includes custodians, asset managers, exchanges, and other organizations. This demographic will be able to redeem the assets through Curv’s wallet interface and the API powered by Compound. Robert Leshner, the founder, and CEO of Compound said:
“[Curv’s] integration is an exciting advancement in expanding enterprise-grade access to and ownership of the Compound protocol.”
The announcement seems to be bringing the interest back among the market participants for COMP. the COMP DeFi token was in a downtrend since July 5 which saw the price dropping by more than 25%. After the partnership happened, Compound jumped over 10%. A popular technical indicator among the crypto enthusiasts estimates that the altcoin is poised to rise further. The Tom Demark Sequential Indicator proves to be of extreme importance in determining COMP’s price action.
Currently, the TD index is showing a buying signal on COMP’s 1-day chart and the bullish formations developed once the red nine candlesticks formed and expected that the cryptocurrency will rise further. The technical index predicts a one to four candlesticks upswing or the start of a new upward countdown. The compound seems to be sitting in oversold territory and a spike in the buying pressure could have the power to validate the optimistic outlook.
Around the price level, Compound could find a strong supply wall. It is also worth noting that Compound sits on top of a fragile support barrier and the whales hold about 82% of the tokens. Because of this, the investors have to implement a robust risk management strategy once they start trading this cryptocurrency to avoid getting dumped.
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