Has $ORDI Hit Overbought After 80% Surge or is it Just a Start?

Has $ORDI Hit Overbought After 80% Surge or is it Just a Start?

Ordinals Price Prediction: Under the influence of a rounding bottom pattern the ORDI price is set for significant growth

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Ordinals Price Prediction: Similar to many of its peers, Bitcoin Ordinals(ORDIs) experienced a robust recovery starting in late October. From a modest $3, the coin’s value surged to a remarkable peak of $14.74, marking an impressive 386% increase. This uptrend is underscored by the development of a rounding-bottom pattern, suggesting that the current recovery could be the precursor to a more extensive bullish trend.

Also Read: Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop

Is ORDI Ready to Surpass $15?

  • A recent breakout from the $10.58 barrier offers buyers an additional stepping stone to prolong recovery time. 
  • The rising ORDI price may surge 44% before hitting the next crucial resistance of $18.
  • The intraday trading volume in ORDIer is $429 Million, indicating a 9% loss.

TradingView ChartSource- Tradingview

In the last three weeks, the ORDI coin price has witnessed parabolic growth, contributing to the formation of a bullish reversal pattern called a rounding bottom. 

A significant portion of these gains occurred on September 7th, coinciding with the coin’s listing on Binance, the leading cryptocurrency exchange. The listing catalyzed a flood of buying activity, evidenced by an extraordinary 82% intraday gain. 

Amidst this bullish wave, the ORDI price breached the notable resistance level of $10.58, now potentially establishing it as a support base for future price action. Despite a slight intraday retreat of 3%, the price’s ability to maintain above $10.58 could signal that the rounding bottom trajectory remains intact. 

By the press time, the ORDI is valued at $21.4 and appears to be progressing toward the pattern’s median resistance at $29.5, suggesting a potential upside of 140%.

Health Retreatment Sets Higher Recovery Ahead

 It’s important for traders to be mindful that after such dynamic rallies, a period of consolidation or pullback is typical. The vigorous ascent of ORDI could experience a brief correction phase, potentially retracing to support levels at $10.58 or even $9, which aligns with the 38.2% and 50% Fibonacci levels, respectively. Such a retracement could serve as a strategic juncture for the currency’s continued upward trajectory.

  • Average Directional Index: the ADX slope at 56% reflects a minor pullback that would soon be possible to replenish bullish momentum. 
  • Exponential Moving Average: A potential bullish crossover between the 50-and-100 EMA slope should accelerate the buying momentum

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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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