- The price of the Ordinals is consistently declining from the higher levels.
- ORDI has 100% of its total supply in the crypto market.
Unlike typical tokens, Ordi Token operates on the Bitcoin blockchain using SATs without smart contracts. BRC-20 Token Standard defines rules for token creation on Bitcoin.
It’s distinct from the Ordinals Protocol, which uses SATs to insert arbitrary data. Ordi Token was introduced in 2023 by its founder, Domodata.
The Ordinals crypto hit its all-time high price of $96.17 just 2 months ago. Since then, the price of crypto has declined by 57%, witnessing strong profit bookings.
The market cap of the Ordinals crypto further advanced by 15.6% from the press time. This results in a market cap value of $872.781M and the crypto market cap ranking of #95.
A surge in trading activity is also witnessed, followed by the engagement of traders as the value of the trading volume has advanced by 42% over the last 24 hours from the time of writing.
The sentiment of the Ordinals crypto further is bearish, followed by the weak price action on the charts. The crypto price further is highly volatile as of press time, resulting in a volatility of 24.6%.
Massive liquidity is recorded for Ordinals crypto, followed by a volume/market cap ratio of 27.68%. Moreover, the fully diluted crypto market cap is $867.83M at the time of writing.
Derivatives Data Supports Bulls, What’s Inside?
The volume of the Ordinals crypto derivatives further witnessed a surge of 57% over the last 24 hours, compared to press time. This has resulted in a traded value of $1.21B.
The open interest in crypto advanced by 14%, resulting in a long/short ratio of 0.9806. The short liquidation for the crypto is much higher, resulting in $1.64M, against which the long liquidation is worth $725.61K.
Total Open Interest Vs. Price Of Ordinal Crypto
The open interest in USD has significantly declined in the last few days, and as of press time, it is valued at $158.15M. Following the same, the price has also dropped from the higher levels.
The price is trying to rebound further, after which the open interest has also advanced in the last few days.
ORDI Technicals Supporting Further Decline In The Price
The ORDI crypto trading price was sustained at the higher levels, followed by the price trading in a small range. This behavior of the price led to the formation of a rising wedge pattern.
The price further broke down below the wedge, forming a lower low swing on the chart. The following behavior of the price shows weakness in the price.
The candlesticks formed on the chart oppose the bearish dominance as a morning star is formed on the daily chart.
ORDI/USD Chart by TradingView
The 20-day and the 200-day EMAs have formed a bearish cross, and the crypto price has declined below the following EMAs.
The 50-day EMA further declines to the lower level, and if the price of the crypto continues to decline, a death cross of 50 and 200-day EMAs might be formed on the daily crypto chart.
The MACD further supports bear dominance as its metrics are trading in negative territory. At press time, the MACD and the signal line overlap each other.
The RSI is also following a bearish cycle and is trading at 41.28 as of press time. This shows a weakness in the momentum of the crypto price.
Summary
Ordinals crypto faces profit booking after reaching an all-time high, declining by 57%. Despite high liquidity and a surge in trading volume, sentiment remains bearish.
Technical analysis indicates a potential further decline, supported by a rising wedge pattern breakdown, bearish EMAs, MACD in negative territory, and RSI indicating weakening momentum.
Technical Levels:
- Support Levels: $18.710 and $28.40
- Resistance Levels: $51.95 and $76.10
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.