- The ORDI crypto price has risen by 24.84% in a day, which may tempt buyers to reverse.
- RSI has generated a golden crossover, which is a bullish sign.
Based on the technical chart, the ORDI (ORDI) price has struggled over 3 months to overcome the $80 hurdle. However, the sellers won the battle and have witnessed a slow and steady fall in the price.
The ORDI crypto price has failed to reach the last swing high, indicating the sellers’ dominance. It has declined in lower lows and lower highs format and is trading below the 200-day exponential moving average (EMA).
During this bearish trend, sellers have struggled to drag the price below the $25 mark since July. However, buyers seem to have shown their involvement, and the RSI also favors a bullish forecast. It could be a buying opportunity once the price surpasses the key moving averages.
Ordinals Crypto Price Overview
The Ordinals crypto traded at $32.24 at press time, increasing by 2.83% in the past few hours. Moreover, the market capitalization was $675.09 Million, and the 24-hour trading volume was $207.29 Million.
What are the Technical Indicators Suggesting?
The RSI has generated a golden crossover with the RSI-based moving averages. It is heading toward the overbought zone. The ORDI price has exceeded the 20-day EMA and is heading toward the 200-day EMA, showcasing the bullish forecast.
ORDI Crypto With Strong Data: Is It Ready to Shoot Up Soon?
Smokes (@Smokes_eth) has tweeted that the ORDI is at 0.05% of Bitcoin’s market cap. It remains one of the most asymmetrical bets.
$ORDI at 0.05% of Bitcoin’s market cap remains one of the most asymmetrical bets right now
— Smokes (@smokes_eth) September 2, 2024
Number of holders, OI, derivative volume, liquidity all point to much higher prices at some point pic.twitter.com/yMqTocbbE2
Additionally, the number of holders, Open Interest, volatility, and derivative volume have all increased. All these positive changes might boost the price ahead.
Is the ORDI Price at a Discount?
Another Twitter account named Blockchainedbb (@Blockchainedbb) tweeted that the ORDI crypto price has settled to the bottom. Also, it might take off soon.
I believe $ORDI ordinals can take off from this dip pic.twitter.com/XPj6g272UP
— Blockchainedbb (@blockchainedbb) August 30, 2024
The Ordinals crypto price was on the dip and reached the buying zone. Historically, the price has gained bullish momentum from this zone several times and may repeat the same.
ORDI Price has formed a Falling Wedge Pattern
The ORDI price has shaped a falling wedge pattern and reached a crucial breakout level. Since March, the price has attempted multiple times to overcome the descending trendline but couldn’t. The price exceeded the 20-day EMA at press time, heading toward the 200-day EMA.
Buying momentum can be initiated if the Ordinals crypto price triggers a breakout from the falling wedge pattern. Conversely, if the price smashes the 200-day EMA, it may recover past losses and record a new all-time high.
On the other hand, if the digital asset price slips below the 20-day EMA, it would be a selling opportunity. Based on the technical chart, the $20 mark would be crucial to decide the trend.
If the buyers defend this level, the price may recover from this zone otherwise. Also, strong selling pressure can be anticipated.
ORDI Price Analysis and Forecast
The ORDI crypto price has witnessed bearish momentum for the past few months. However, the bearish momentum has halted near the $25 mark, and a bounce back can be seen.
The technical indicators favor the bullish forecast, and the price has reached the crucial breakout level. Based on a tweet, the number of holders, OI, volatility, and derivative volume have increased.
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.
