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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
