Can These Cryptos Repeat Their Christmas Performance? | Credit: Derek Fenech
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Key Takeaways
The Metis DAO (METIS) price increased by over 50% on Dec. 25, 2023.
ORDI and SATS (1000SATS) also increased between 40 and 45%.
What were the reasons behind the increases, and can they be repeated?
Christmas is today, Dec. 25. Last year, Metis (METIS) was the biggest crypto gainer on Christmas, increasing over 50%. ORDI and SATS (1000SATS) were in second and third places, respectively, noting the interest in Bitcoin inscriptions at the time.
This article will show why these cryptocurrencies increased so much last year and if they can do the same this year.
The METIS price increase occurred after the DAO announced a $330 million incentive program for decentralized applications (dApps) that build on the rollup starting in January 2024.
The grant was meant to support their decentralized sequencer launch the same month. The team announced that the Total Value Locked (TVL) in Metis has increased by 300%, reaching $400 million.
While the METIS crypto surged last Christmas (black icon), the price movement has not been as bullish since then.
The METIS price increased until March 2024, reaching a high of $149.70. However, it created a long upper wick (black circle) and has fallen since.
The Relative Strength Index (RSI) also risks declining below 50, something that would confirm the bearish trend if it happens alongside the price breakdown.
In that case, the METIS price could fall to the next closest support at $18.
ORDI Price Approaches Highs
No specific news catalyzed the ORDI price increase. Rather, the entire Bitcoin inscriptions narrative was surging. However, ORDI fell shortly after Christmas, creating a long upper wick (white icon).
While the ORDI price reached a new all-time high shortly afterward, it has decreased under a descending resistance trend line since. In December this year, it traded 65% below the price in December 2023.
Additionally, the price action is bearish. The resistance trend line rejected ORDI (black icon), validating the $50 horizontal resistance area and creating a bearish, engulfing candlestick. Moreover, the price broke down from an ascending support trend line that has existed since August.
ORDI is nearing the $20 horizontal support area. If it breaks below it, the rate of decrease could accelerate further.
The RSI and Moving Average Convergence/Divergence (MACD) are both bearish. The RSI has declined below 50 while the MACD is below 0, both signs of a bearish trend.
The SATS price has followed a descending resistance trend line, which recently rejected the price in December 2024 (black icon).
SATS risks breaking down from the $0.00000017 horizontal support area, the final support area before an all-time low. The RSI and MACD are declining, indicating the price will break down.
If this happens, the rate of decrease could accelerate further, leading to a new SATS all-time low price.
Christmas Repeat Unlikely
METIS, ORDI, and SATS were the three cryptos that increased the most last Christmas. The METIS increase was news-fueled, while the ORDI and SATS ones were not.
Nevertheless, the price action for all three is bearish and they are unlikely to repeat their performance this year.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
