Bulls Aim $30 Target Amid Bullish Pattern Formation

Bulls Aim $30 Target Amid Bullish Pattern Formation

Ordinals Price Prediction: the rising ORDI price giving a breakout from another resistance sets the asset for higher recovery

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Ordinals Price Prediction: This week, Bitcoin Ordinals(ORDIs) has emerged as a standout performer in the cryptocurrency market, with its price soaring from $4.92 to a current trading level of $19.2. This remarkable 327% gain was notably fueled on November 7th following the announcement by Binance, the largest cryptocurrency exchange, about listing the coin. This development catalyzed a significant capital inflow into ODRI, propelling it past key resistance levels.

Also Read: Bitcoin ETF Launch Will Precede Major Crash: Peter Schiff

Is ORDI Heading to $30?

  • A recent breakout from the $18 barrier offers accelerate the bullish momentum,
  • With Sustained buying, the ORDI price is poised for another 60% jump
  • The intraday trading volume in Ordinals coin is $773 Million, indicating an 89% gain.

Ordinals Price PredictionSource- Tradingview

On November 7th alone, the Ordinals coin experienced an 82% intraday surge, marking a bullish breakout from two pivotal swing highs at $8.55 and $10.5. This surge effectively ended a 5-month accumulation phase, signaling the start of a new recovery. 

The daily timeframe chart now shows a parabolic growth pattern, indicative of a rounding bottom formation. This pattern is often seen as a strong indicator of a trend reversal, presenting a lucrative opportunity for long-term investors to capitalize on.

Recently, the coin breached yet another resistance at $18, setting a new target for buyers to propel the price even higher. By the press time, the ORDI price trades at $18.1, and with an intraday loss of 6%, it is retesting this breach resistance as a potential support. 

Should the coin maintain stability at this level, we can anticipate a further upward trend, potentially reaching a 64% increase to the $29.5-$30 neckline resistance of the current pattern.

Key Levels to Watch

The current market outlook for Ordinals coin remains overwhelmingly bullish. However, should today’s closing price fall below the $18 mark, investors might witness a minor correction in the near term. Such pullbacks, following significant rallies, are often seen as healthy market corrections, allowing for a consolidation of the bullish sentiment. In the event of this pullback, potential support levels could be found at $14.6 and $10.6.

  • Relative Strength Index: The daily RSI slope at 80% accentuates the aggressive bullish momentum and an overbought asset. 
  • Exponential Moving Average: In case of a bearish pullback, the 20-day EMA slope may offer some early support for buyers to sustain higher levels.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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