Cryptocurrency prices were upbeat on Thursday morning as Bitcoin surged above $100,000 for the first time ever. Analysts expect that most coins will continue rising in the next few weeks as the Santa Claus Rally takes shape. This report looks at top coins like Compound (COMP), Status (SNT), and iDEGEN.
Compound price analysis
The daily chart shows that the COMP price has been in a strong bullish trend in the past few weeks. It has now jumped above the important resistance level at $103.2, the upper side of the cup and handle pattern. C&H is one of the most popular patterns in the market.
Compound has also formed a golden cross pattern as the 50-day and 200-day moving averages crossed each other. Also, the MACD and the Relative Strength Index (RSI) have continued rising, a sign that there is a strong momentum.
Therefore, with Bitcoin price sitting above $100,000, there is a likelihood that the COMP price will continue rising as bulls target the next key resistance point at $200. This bullish view will become invalid if the Compound price drops below the support at $103.
iDEGEN analysis
Unlike Compound, iDEGEN is not a publicly-traded coin. Instead, it is an upcoming crypto project currently in its presale event. It has already sold over 415 million tokens valued at over $2.3 million, making it one of the fastest-growing token sales this year. The token will be listed on January 1st next year.
There are a few reasons why the iDEGEN price will likely do well after its listing. First, we are now in the altcoin season, where most coins thrive. A good example of this is what happened in 2021 when Shiba Inu and most meme coins jumped.
Second, the iDEGEN network has a strong community support as millions of people have bought the coin. This means that it could become the next popular coin as we saw with popular coins like Floki and Shiba Inu.
Further, its tokenomics favor the community as 90% of the tokens are going to them and 10% to liquidity. You can buy the iDEGEN token here.
Status price analysis
The Status token price has done well in the past few months. In this, it has jumped above the key resistance level at $0.0667, the upper side of the cup and handle pattern.
Status has also rallied above all moving averages, while all oscillators have pointed upwards. The coin has also moved above the Ichimoku cloud indicator, meaning that bulls are in control for now.
Therefore, the Status token will likely continue rising as bulls target the next important resistance at $0.10. A drop below the support at $0.066 will invalidate the bullish view.
The post Crypto price predictions: Compound, Status, iDEGEN appeared first on Invezz
