As the future of ORDI and MINA looks potentially bearish, a new gaming crypto project MGLS is building hype in its presale event. We explore the bearish technical indicators for ORDI and MINA and the potential price action of MGLS, which approaches the launch of its new crypto trading game.
ORDI price forecasts and technical analysis look bearish
$ORDI is the token representing the Bitcoin Ordinal Inscriptions project – a new protocol allowing people to mint NFTs on Bitcoin. However, Ordi has no actual use cases or functionality and does not need to use Ordinals. Rather it is simply a meme coin named after the protocol. Although early buyers made good money with Ordi, the future seems unsure. Let’s take a look at the technical indicators and create an analysis.
Examining the one-hour chart, we see Ordi has been in a steady short-term downtrend over the past weeks, making lower highs and lower lows.
The 50 and 100-hour moving averages completed a bearish crossover four days ago, supporting this downward momentum. However, the RSI is approaching oversold levels at 25, indicating we could see a minor bounce soon.
Zooming out to the one-month view, the price broke down from an ascending triangle pattern last week and retested the breakdown point as new resistance just yesterday around $63. This validates the breakdown.
The break below support also lines up with the Ichimoku cloud flipping to resistance, signaling a long-term trend change to bearish. As long as Ordi remains trapped below the cloud around $65, our bias remains bearish for a continued move lower toward the next target of around $55 over the coming month.
MINA Protocol is tiny, but can the price go big?
Mina is the coin behind Mina Protocol – which is, according to the team ‘the world’s smallest blockchain’. The blockchain aims to be truly tiny – smaller than a picture on your phone, opening up potential use cases where space is an issue. One commenter on Crypto Twitter suggested that the Mina protocol would be ideal for the US elections.
Mina started its presale in 2018 at $0.25 and is currently valued at $1.29. Mina protocol has just completed a series of tests and trials on its testnet, bringing it one step closer to launching its mainnet. But for now, we will have to wait and see if Mina can deliver. Many blockchains promise the world, but when they go live, everything can change.
From a technical perspective, after pulling back to start 2024, Mina saw extreme volatility between $1.15 and $1.68 over the first three weeks of the year. It then declined sharply to the $1.00 area in late January before stabilizing. Over the past couple of weeks, the price consolidated between $1.13 and $1.32, unable to regain upside momentum but finding support. This recent tight range may be setting up a larger breakout soon. A decisive move above the $1.32 resistance or a break below the $1.13 support line could signal the next major trending move. But for now, Mina remains stuck in consolidation.
Will MGLS see a big gain when it exits presale?
MGLS is the token behind the project Meme Moguls. Despite the name, it’s not a meme coin, but rather a Play-to-Earn game.
The idea behind the game is to appeal to meme lovers and encourage them to compete with in a simulated crypto trading game. To make it more fun, people can earn, win, buy, and use meme-based NFTs to level up their characters.
For those wanting to make money from the game, they will be able to sell their NFTs in the marketplace. Or for the skilled, who rise to the top of the global leaderboard, they will become Meme Moguls and win prizes. They will then be able to offer subscriptions and assistance to those who would like to copy their trades or learn from their strategies.
However, the current play is to buy MGLS while it is still in presale. With only two stages left the token has already jumped from its starting point of $0.0019 to $0.0036, representing an 89% increase. Experts are forecasting anywhere from 10x to 30x from here, meaning there is a lot of upside potential if the project does as well as expected.
Learn more about the $MGLS Presale here:
Visit Meme Moguls | Join the Community
Source: https://coinpedia.org/press-release/ordi-mina-face-uncertainty-as-meme-moguls-mgls-presale-gains-traction/