Ordinals Price Prediction: ORDI Price trade below $10 or rebound?

• Ordinals Price Prediction suggests rise and the long term outlook remains bullish.
• ORDI Price corrected 58% from the previous swing high at $29.58.
• Ordinals Price struggles to defend the $10.00 support.

Ordinals Price Prediction suggests rise and the long term outlook remains bullish. ORDI Price shot up 1600% approx and grabbed the attention of investors after listing in exchanges. The trading volume also increased rapidly which boosted the confidence of investors. 

However, after hitting the highs at $29.58 ORDI price failed to hold the higher levels. Short term traders seem to be in a hurry to book the profit and correction triggers from the higher levels. Therefore, $29.00 will act as an important hurdle zone in the coming months. The profit booking continues and slowly prices drop below $16.00 support which invites further decline. 

Ordinals Price is trading at $11.2768 with a decline of -1.84%. The 24 hours volume to market cap ratio is $0.2898. Recently, Ordinals Token witnessed a massive spike in the buying volume which positively impacted the prices. 

ORDI Price took support near $7.300 and managed to push the price above $10.00. It shows the initial signs of bullish trend reversal but the confirmation will come when buyers succeed to hold the price above $20.00. 

The prices have corrected a lot and bears seem to be lacking the momentum. Therefore, ORDI Price might consolidate for some time in a narrow range before deciding the next direction.

Ordinals Price: Will the correction continue?

Ordinals Price formed a bullish Marubozo candle near to the $8.00 support shows responsive buyers are active at lower levels. Till buyers sustains above $8.00 the probability of rebound remains high. However, the price will gain momentum when buyers succeed to break $20.00. 

On the other hand, if the price drops below the $8.00 then the next phase of correction may trigger. The market leader Bitcoin and Ethereum price is mildly bearish which might negatively impact the sentiment and prices of the other altcoins. The technical analysis suggests Ordinals Price is in correction mode and prices is likely to enter consolidation for the base formation. 

ORDI Price: Technical Outlook

ORDI Price has eroded a majority portion of the previous gains and formed a mild bearish pattern. However, the recent up-move from the support had strength and volume spikes are also visible. It indicates some genuine buyers might have taken long positions and are expecting trend reversal in coming months. 

The technical indicators like MACD had generated a fresh positive crossover and the histogram bar is on rise. It indicates bullish momentum might continue and buyers are returning back to the track. The RSI at 52 sloping sideways denotes neutral territory and the balance between bullish and bearish positions. 

Conclusion

Ordinals Price Prediction suggests a rise and the long term outlook remains bullish. However, ORDI price seems to be in the short term correction mode and buyers are trying to defend the $10.00 mark. The technical analysis says Ordinals Price might consolidate in a narrow range for the base formation.

Technical levels

Resistance levels : $20.000 and $24.000

Support levels : $7.300 and $5.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.