ORDI Lagging Strength, Will It Retest $50?

ORDI token displayed consolidating moves and slipped below the trendline support zone of $75, revealing that buyers have lost their momentum and started squaring off their gains. Moreover, the token is now hovering at the 20-day EMA mark and reflecting consolidation in the recent sessions.

The ORDI price is displaying uncertainty among investors and they are waiting for a move, which may lead to the 50-day EMA support zone near $60. Amidst the neutral market sentiments, the ORDI token was in an uptrend and exhibited a falling channel on the charts. However, the trend is switching toward neutrality and investor interest has also dropped.

This cryptocurrency trades at $69.83 at press time, with an intraday drop of 3.30%, showing range-bound moves. Moreover, the trading volume increased by 17.10% to $280.28 Million, highlighting low investor interest. The pair of ORDI/BTC was noted at 0.00169 BTC, while the market cap is $1.47 Billion. Analysts are neutral and suggest that the ORDI crypto will retest the 50-day EMA mark in the following sessions.

ORDI on Daily Charts Displays Consolidation

In recent sessions, the ORDI crypto drains the buying momentum and faces selling pressure. However, the selloff did not impact much and the token managed to halt the gains near the 20-day EMA mark. The price action signifies the long unwinding move and buyers are attempting to reverse the gains but failing to do so. Meanwhile, the bears are gaining traction and are trying to throw the token below $65.

The relative strength index (RSI) curve stayed close to 50, showing a neutral stance amidst the positive market sentiments. The MACD indicator showcased a bearish crossover, indicating the short buildup activity.

ORDI On Hourly Charts Displays Distribution 

On the hourly charts, ORDI crypto slipped below the significant moving averages and revealed distribution from the top. Additionally, the token is forming the lower lows and is heading toward the prompt support zone of $60, which may be retested shortly.

However, the buyers are still in the race and trying to make gains despite the reversal from the top. Per the Fib levels, the token has slipped below the 50% zone and is heading to the 38.2% zone.

Summary

The ORDI token price showcased a change in trend and is facing selling pressure despite the uptrend in recent sessions. However, the token is still willing to halt the gains and is hovering near the 20-day EMA mark.

Technical Levels

Support Levels:  $64 and $58

Resistance Levels:  $70 and $75

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.