ORDI’s price action reveals a double-bottom breakout, challenging the $75 barrier. A short-term pullback presents a potential entry opportunity during the retest phase. The subsequent reversal rally suggests a strong possibility of a bull run, targeting $100.
This week, the Ordinals coin stands out as one of the top performers, showing a clear and strong bullish trend. After a period of consolidation, the ORDI price has made a significant comeback with an impressive overnight surge of 47%.
ORDI Price Analysis: Breakout Signals Strong Bullish Momentum
The Ordinals coin has showcased a robust overnight recovery, signaling a breakout rally in the daily chart and enhancing the prospects of a sustained uptrend. As the broader Altcoins market exhibits signs of recovery, the Ordinals price prediction suggests further bullish momentum.
Source – Tradingview
Having formed a W-shaped pattern after a sideways trend, the ORDI price trend indicates a significant boost in underlying momentum. Surging past the neckline at $68, the bullish trend is now targeting the psychological milestone of $100.
However, the breakout rally faces a challenge at the 50% trend-based Fibonacci retracement level, creating a formidable overhead resistance. This challenge is evident in the current pullback of 5.86% in the Ordinals market value, marked by a shooting star Candle.
Presently trading at $70.97, the ORDI price is poised for a retest of the neckline breakout at $68. Notably, the neckline aligns with the 38.20% Fibonacci level, serving as a robust level to potentially elevate the retest to a higher level.
Technical Indicators:
MACD Indicator: The MACD and signal lines exhibit a bullish crossover, regaining positive alignment and signaling a continuation of the bullish trend.
Bollinger Bands: The bullish recovery stretches the upper Bollinger band, indicating a high-momentum bullish trend in the Ordinals price chart.
ORDI Price Outlook: Emerging from Hibernation to Bullish Momentum
Amidst the rising momentum in altcoins, the ORDI price emerges from a period of relative dormancy and steps into a bullish phase. The current breakout rally, coupled with optimistic preparations for an extended uptrend, positions Ordinals for a potential climb to $100 if it manages to sustain levels above $80.
Conversely, a potential downtrend scenario could prompt a test of the 50-day Exponential Moving Average (EMA) or the $60 level. This establishes critical support zones that will be closely monitored to gauge the resilience of the bullish trend in the Ordinals market.
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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