ORDI, the standout performer of the week, has witnessed an impressive surge of 185% in the past seven days. However, a shift occurred yesterday as the price marked the creation of the first daily bearish candlestick after six consecutive bullish ones.
This development has sparked speculation about the future trajectory—whether it heralds a sustained trend or signals a potential correction before reaching a new all-time high.
ORDI’s Remarkable Surge and Speculations on Future Trajectory
ORDI has emerged as this week’s standout performer, boasting a remarkable surge of 185% over the past seven days. However, a notable shift occurred as the price exhibited the creation of the first daily bearish candlestick after a continuous streak of six bullish ones. This development has ignited speculation regarding the cryptocurrency’s future trajectory—raising questions about whether it signals a sustained trend or hints at a potential correction before achieving a new all-time high.
Cryptocurrency trader The Wolf of Crypto Streets has drawn attention to the ORDI all-time high, suggesting a potential link to BRC-20 tokens. The BRC-20 token standard represents an innovative approach to facilitate the creation and exchange of fungible tokens on the Bitcoin blockchain, employing ordinal inscriptions. This experimental standard bears similarities to the well-known ERC-20 token standard found on Ethereum and EVM blockchain networks.
Adding to the discourse, NiftyNFTNerd has expressed awe at the rally, engaging his followers in a discussion about the possibility of the ORDI price reaching a new all-time high of $100 in the near future. The cryptocurrency community remains abuzz with anticipation as ORDI continues to make waves in the market.
Elliott Wave Analysis Unveils Potential ORDI Price Targets
Technical analysts employ the Elliott Wave theory as a tool to discern recurring long-term price patterns and investor psychology, aiding in the determination of trend directions. According to the analysis, ORDI is currently positioned in the fifth and final wave of an upward movement that commenced in September.
The anticipated peak for this wave is projected at $116, calculated as wave five being 0.618 times the length of waves one and three. However, should wave five extend further, reaching the $177 resistance, it would mirror the length of waves one and three.
These projections outline two potential targets: the first, a substantial 110% increase, and the second, an even more remarkable 220% increase. While this ORDI price prediction leans bullish, analysts caution that a dip below the recent low of $41.80 could indicate an ongoing correction. In such a scenario, a significant 60% drop to the nearest support at $18.50 would be anticipated. The market watches attentively as ORDI navigates its potential trajectory.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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