- ORDI price has risen by 55% over the past six days.
- The 24-hour trading volume has increased by 200% to $887.05 Million.
- Ordi price has smashed the key moving averages, Indicating a bullish forecast.
Since the beginning of 2024, the Ordi (ORDI) price has witnessed a slow and steady fall. Buyers have failed to lift the price to the last swing high. However, the bearish trend halted near the $20 mark and mild pushes by buyers have received.
In the short term, bulls have been defending the $30 mark for the past 2 months. Buying pressure has been seen on this support level and surged by 55% in less than a week. ORDI price has formed a bullish pattern on a daily time frame and has triggered a bullish rally. Let’s explore what could happen after this breakout.
Could ORDI Price Click $105 Mark in a Rally?
Turning to the technical indicators, the RSI has shaped a bullish divergence. Additionally, it has triggered a golden crossover with the RSI-based moving average. The MACD and the Signal line have displayed a bullish crossover. The histograms have flipped to deep green indicating a strong bullish forecast.
Captain Faibik is a crypto analyst who suggests a rally in ORDI crypto. He claims that the price has been declining through a descending channel in a 3-D time frame. The price was wandering in the breakout territory.
Suppose the price breaks out from the channel, it could trigger a beautiful bullish momentum. The price is expected to approach the $105 mark after a successful breakout.
ORDI Price Formed a Descending Triangle and Displayed a Breakout
When writing, the ORDI crypto was trading at $42.51 with an intraday gain of 6.68%. Its market capitalization was $892.65 Million and ranked 86th in the cryptocurrency market.
Ordi price has triggered a breakout after a two-day halt near the trendline. After the breakout, the price has surpassed the key moving average giving an advantage for a bullish forecast. The price has exceeded the 5-month resistance level of $40.
If the crypto asset price sustain over the $40 mark, it could gather buyers for further rally. Suppose the price manages to overcome the $45 territory with strong buying momentum. ORDI price may extend to the $100 mark if trading volume supports this rally.
Alternatively, if the price fails to hold the $40 mark, it could show weakness. Suppose the ORDI price loses the 200-day EMA, sellers may drag down the price to the major support level of $30. Once the price starts trading below the $30 level, massive selling can be seen and it could be more difficult for buyers to bounce back.
ORDI Price Prediction Based on Technical Chart
The recent surge in ORDI price indicates a potential bullish trend following a significant breakout above the $40 resistance. The increased trading volume and positive market indicators suggest that if the price stays above key support levels, it could reach the $100 mark.
However, caution is warranted; if ORDI fails to hold above the $40 mark and drops below the 200-day EMA, it could face downward pressure, bringing the price closer to the critical support level of $30.
Disclaimer
This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their own research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.
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