ORDI Price Jumped Over 10%: Should Investors Consider Buying?

ORDI, the largest BRC-20 token closely linked to the Bitcoin Ordinals Protocol, has seen a double-digit rise. ORDI price revisited the 20-day EMA mark a few hours ago, from the time of writing.

The token ORDI was trading with a bullish bias and volume surge, which signified strong buying interest. A stable close above the $32 mark could bring more gains in the short term.

Trading in the declining channel, the token continued to form the lower low swings. It exhibited a significant retracement of over 42% in the last two months.

With an ongoing bearish phase, buyers are trying to capture the momentum and looking to shift the gains.

How is ORDI Price Performing Right Now?

At press time, the ORDI token was trading at $30.71 with an intraday surge of 9.36%, reflecting bullish momentum on the charts. Its trading volume rose over 89%, highlighting investors’ expectation for a breakout.

The token has secured the 89th position with a market cap of $644.62 Million.

ORDI Ready to Climb Higher: Price Action Outlook

The daily chart of the ORDI token signifies a sustained retracement in the past few months. However, the token was trying to remain strong near the 52-week low region and exhibited a significant recovery last week.

Afterward, it caught momentum slowly & steadily and accumulated from the bottom, gaining over 20% in the last three trading sessions.

The RSI curve vertically approached the 50 mark, the midline region, signifying that the upward momentum was likely. Similarly, the MACD line crossed the signal line, conveying a bullish stance.

@blockchain_mane, in his tweet, said that ORDI price action indicates that it might register a sharp upward move ahead.

The Fibonacci retracement levels showed where a bullish reversal could occur in the coming sessions. Unless ORDI breaches the $22 mark on a closing basis, it will lean bullish.

Social Dominance and Weighted Sentiment Data Overview

The Social Dominance curve projected a bounce of over 7% this week. It revealed that most social media posts and discussions about ORDI have been bullish. Investors have started to chatter, the token is among the buzzwords.

Apart from the improved market sentiments, the token price surge has also been due to the significantly bullish bias that it enjoys from its holders. The weighted sentiment data curve represents a bounce and approaches the zero line around the -0.087 mark.

Funding Rate Noted An Uptick

According to Coinglass’s data, its futures market activity confirmed the positive sentiments. The Funding rate across the crypto exchanges has been positive since August 10th.

At press time, the funding rate was noted at 0.002%, which indicates a positive value. When the funding rate of an asset’s future trading is at a positive value, it highlights demand for long positions.

It is a bullish signal and a sign that an asset is going to advance at a steady rate in the future.

Speculators are convinced that ORDI will register an upmove ahead. The funding rate and the rise in Open Interest were positive, which jointly signaled early signs of a breakout.

The token may reach the 50-day EMA mark if the positive sentiment is maintained. It is likely to go toward the upside barrier of $40, followed by $45 soon.

Conversely, if the token fails to hold momentum and faces rejection, it may dip toward the support zone of $25. This would be followed by $20 in the short term.