ORDI Price In Lower High Territory: Is It Going To Lose 50% Ahead

• ORDI crypto has diluted 100% of its total supply in the open market.
• The ORDI price has surged by 14.96% in the past 8 hours.

The ORDI price chart has displayed strong selling pressure and lost 64% from the beginning of March. It has been declining due to resistance from the trendline. 

The digital asset price has lost 35% in the first 4 days of July. However, it recovered those losses and exceeded the 20-day EMA mark. The price dropped in the first week of July and gained bullish momentum. 

Regarding the technical indicators, the ORDI price exceeded the 20-day EMA and was heading for the 20-day EMA at the time of writing. 

This phenomenon indicated the beginning of a bullish trend. MACD developed a golden crossover with the signal line, and the histograms converted to green.

Could ORDI Crypto Run 100% Further?

According to a source on X, the ORDI meme coin has shown strength on the chart and is moving ahead after taking support on the $34 level. If the ORDI coin remains bullish, it is expected to reach the $67 mark in the next few weeks.

$ORDI is demonstrating strength on the charts, moving ahead after taking its support at $34, and preparing for a push towards our target of $67! Our attention is focused on $BTC, as we anticipate it maintaining its bullish trend.
We've seen 12x gain growth on it before. pic.twitter.com/D73Ol1EBKb

— Decilizer (@decilizer) July 26, 2024

It might be important to note the Bitcoin chart momentum. If the BTC identifies the bullish momentum, it may positively impact the ORDI crypto price.

Breakout from Falling Wedge May Cause Up Surge?

A source on X suggested that the ORDI price has been falling through a falling wedge pattern while consolidating. Currently, the price has taken support on the wedge’s support trendline and has been heading towards the resistance trendline.

$ORDI/USDT ANALYSIS

ORDI is consolidating within a falling wedge pattern, currently rebounding from the wedge's support trendline. The Ichimoku cloud is serving as resistance above the wedge.

A solid breakout above the Ichimoku cloud and the wedge's resistance trendline could… pic.twitter.com/4d9Ql8XN7v

— Jesse Trading (@TradeWithJesse) July 21, 2024

Suppose the price triggers a solid breakout from the wedge, which could result in buying pressure. A strong breakout from the major trendline might tempt buyers for the three-digit.

Technical Overview of ORDI Crypto Price

ORDI was traded at $38.52 at press time, which increased 9.04% in the past 24 hours. The market capitalization was $808.14 Million, and the 24-hour trading volume was $168.19 Million.

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The chart structure displayed that the ORDI crypto price has kept declining by facing resistance from the trendline. Since March, the buyers have attempted thrice to overcome the trendline but couldn’t. However, it was attempted again, and the price moved to the trendline.

Buying momentum can be expected if the digital asset price exceeds the trendline. The rise in trading volume may attract buyers for the psychological level of $100.

Alternatively, sellers may get the opportunity, assuming the price forms a bearish candlestick near the trendline. Bearish momentum in the lower high territory may lead to a bearish momentum, and bears may be eyeing for a new lower low.

Breakout From Major Trendline Awaited?

When writing, ORDI crypto price showed signs of bullish momentum in the short term. The technical indicators indicated a potential for a bullish trend. 

If the price exceeds the trendline, it may attract more buyers and significantly increase trading volume. On the other hand, if the price forms a bearish candlestick near the trendline, it could signal a potential for bearish momentum and a new lower low. 

Technical Levels

Based on the chart structure, the ORDI price may face resistance from the $43.00, $60.00, and $76.00 levels. It may take support at the $34.00 and $26.00 mark.

Disclaimer

This article is for informational purposes only and provides no 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.