Ordinals (ORDI) is a novel cryptocurrency project that employs inscriptions and aims to integrate content into bitcoins. Ordinals has a fixed supply of 21 Million bitcoins and can split each bitcoin into 100 Million satoshis. Ordinals uses the Ordinals protocol to write content directly on satoshis.
Ordinals are set to create a new standard by exploring the possibilities of what can be done within the cryptocurrency space, with a focus on text and picture-based inscriptions due to Bitcoin’s block-size restrictions.
Ordi is based on the Ordinals protocol, which allows users to insert various data types, such as text, images, audio, and video, directly on each Satoshi. This inscription process is done efficiently without needing an extra token, a side chain, or any changes to Bitcoin’s core structure.
The Ordinals protocol works by adding information to each Satoshi, which creates NFTs and tokens within the Bitcoin network. However, because of Bitcoin’s limited block size, the main types of content inscribed are mainly text and images.
What Happening on the Technical Chart of Ordinals Crypto
Ordinals price action indicates bullishness, as ORDI crypto accumulates gains on the upper side in the bullish zone and ignores rejections. The bears are still making short positions and trying to pull back.
Ordinals crypto displayed bullishness and held the gains at the top. Bulls are accumulating the crypto. However, it is facing a short correction.
The chart formation shows the bulls’ momentum and signals a positive outlook on the chart. ORDI crypto is aiming to achieve a breakout soon, and investors are watching it closely.
The price action shows a strong chart structure with buyers’ dominance. Long buildup activity was noted over the past trading sessions. Furthermore, sellers were now becoming cautious due to the vertical rally that trapped sellers in the past weeks.
Ordinals’s price was at $21.0014 and lost 2.43% of its market capitalization intraday. The 24-hour trading volume was 444.226.
Indicators Analysis of Ordinal Crypto Price in 1-D Time Frame
Ordinals (USD: ORDI) price rose 452.45% in the past three months and 385.31% in the last month. Currently, ORDI crypto is trading at $20.8668 and has been trying to hold on to this level after an unexpected surge in price.
Currently, Ordinals crypto (USD: ORDI) is trading above the 50 and 200-day simple moving averages (SMAs), which are supporting the price momentum.
The current value of RSI is 63.71 points. The 14 SMA is above the median line at 80.01 points which indicates that the Ordinals crypto is bullish.
The MACD line at 4.3968 and the signal line at 4.4459 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the ORDI crypto price.
Weekly-Time Horizon Analysis
Ordinals crypto has shown buyers’ strength on the weekly charts. Moreover, the price is above the key EMAs, which shows further strength in the crypto. The RSI curve is near the overbought region at 69.04, and a positive outlook was noted, indicating bullishness in the crypto. The MACD indicator also persisted to form green bars, and a bullish crossover was noted, which signals bullish moves.
Summary
Ordinals (USD: ORDI) technical oscillators also support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the ORDI crypto price. Ordinal price action suggests that the investors and traders are bullish on the 1-day time frame.
Technical Levels
Support Levels: $5.00 and $11.50.
Resistance Levels: $28.20 and $32.00.
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2023/11/21/ordinals-crypto-prediction-will-ordi-crypto-price-hit-50/