- The ORDI price has risen by 20% in a week and reached the crucial breakout level.
- The circulating supply of ORDI is 100% of its maximum supply.
In Q1 2024, buyers have attempted thrice to lift the ORDI (ORDI) price over the $80 mark. However, it couldn’t do so and displayed profit booking. Since March, the ORDI price has kept declining by facing resistance from a descending trendline.
The bearish trend has disturbed near a crucial support level of $25 and showed strength. The Ordinals price has departed from this zone and witnessed slow growth. It has extended to the crucial level of breakout. Let’s see what happens after the breakout.
Can ORDI Price Shoot Up or Continue the Bearish Trend?
When writing, the ORDI crypto was trading at $32.83, which has remained neutral in the past 24 hours. The market capitalization was $684.70 Million, and the 24-hour trading volume was $115.34 Million.
Based on the technical chart, the ORDI price was in the breakout zone. It showed bullishness in the previous support level. The following scenario can attract buyers, and a breakout can be anticipated.
The price has shaped a falling wedge pattern on a daily time frame. Assuming the Ordinals price starts trading over the trendline, it could be a buying signal. If the chart structure manages to invite, then it may gain bullish momentum and continue surging further.
Alternatively, sellers might prefer to continue the bearish trend if the crypto asset price faces resistance from the trendline. The ORDI price below the 20-day EMA may confirm the bearish forecast, and sellers may be eyeing a new lower-low.
Let’s Explore the Technical Indicators
The MACD has generated a golden crossover with the Signal line and has traveled to the positive territory. Even in the consolidation phase, the histograms have remained green, which is a bullish sign. The Ordinals crypto price has surpassed the 20-day EMA and is eyeing the 200-day EMA.
Is a good buying opportunity generated in ORDI Crypto?
A cryptocurrency analyst, Bullish Traders (@bullishtraders), shared his analysis of ORDI crypto on X (formerly Twitter). He claimed that the ORDI price had formed a perfect bullish flag pattern. It formed a clear ABC pattern, wave C completed at $21, and a bounce back was seen from this zone.
$ordi #ordi
— Bullish Traders™ (@BullishTraderss) September 13, 2024
Perfect Bull Flag Formed At The Chart By The Clear ABC Formation And Wave C From 2 Completed At 21$ And We Had a Good Bounce From That Area, Currently Seems Wave 3 Is Started And Here Is a Good Buy Opportunity pic.twitter.com/nmQyPg1b60
The chart showed wave 3 is on its way, which could be an excellent bullish signal. The wave 3 is expected to travel to the $150 mark.
ORDI Price Forecast
Based on the information provided, the ORDI price has reached a crucial breakout level after slow and steady growth. The technical indicators, MACD, and falling wedge pattern suggest potential bullish momentum if the price trades above the trendline. This could attract buyers and lead to a breakout.
However, suppose the price faces resistance from the trendline and falls below the 20-day EMA. It may confirm a bearish trend.
It will be interesting to see whether the ORDI price can extend to the $100 mark or if it will continue the bearish trend. Monitor the price movements and further developments to make informed decisions.
The Ordinals crypto price is expected to face resistance from the $42 and 75 levels. It may take support at the $28 and $20 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.
