ORDI Price Surges 18%: New ATH Ahead?

BRC-20 tokens are grabbing considerable attention in the market, with top coins experiencing significant upward trends in their values. Notably, the ORDI token has surged impressively, marking an 18% increase in the past 24 hours and earning a spot among the day’s top gainers in the crypto industry.

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Initially trading in a limited range between $18.550 and $23.618, the Ordi token witnessed a surge as market momentum picked up. Bulls led a remarkable 186% increase within a week, reaching a peak at $67.723. However, this ascent was met with resistance, leading to a loss of momentum for the bulls. The recent performance of ORDI hints at dynamic movements in the crypto market, capturing the attention of investors and traders.

ORDI Price Analysis: Testing Levels and Indicators

The ORDI token encountered a testing phase as it approached its lower support level of $44.575, with bulls successfully preventing a further decline and initiating a bounce back. However, the momentum was short-lived, facing rejection once again at $67.723.

Subsequently, a period of consolidation unfolded, with the price trading between $44.575 and $55.536 for over a week. Attempts to break the key resistance level at $67.723 resulted in failed attempts, emphasizing a robust liquidation point.

TradingView: ORDI/USDT

This led to a pullback within the range, and the coin traded sideways for an extended period. Recently, bulls regained momentum, breaking out of the range and positioning to challenge the upper resistance level.

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The 50-day Exponential Moving Average (EMA) serves as a dynamic support, signaling a potential for significant price action in the near future. The Moving Average Convergence Divergence (MACD) further supports bullish sentiments, with a consistent rise in the histogram indicating heightened buying pressure. Additionally, the averages display a pronounced uptrend, suggesting a continued increase in the token’s value in the coming period.

ORDI Price Projection: Testing Levels and Scenarios

If the bulls can maintain the ORDI price above the support level of $55.536, there’s potential for continued upward momentum, with a focus on testing the resistance level of $67.723 within this week. Should the bulls successfully hold above this resistance, the next target is to challenge the upper resistance level of $75, anticipated later this month.

On the flip side, a reversal in the trend would signal a loss of momentum, prompting the price to test its support level of $55.536. If bearish pressure persists, a further decline is likely, preparing to test the lower support level of $44.575 in the coming days.

In a more bearish scenario, with continued dominance by the bears, the ORDI price could experience a strong bearish influence, aiming to test its low of $33.689 by the year-end. Traders and investors will closely monitor these crucial levels to gauge potential price movements and market dynamics.


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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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