Has $ORDI Hit Overbought After 80% Surge or is it Just a Start?

Ordinals Price Prediction: Similar to many of its peers, Bitcoin Ordinals(ORDIs) experienced a robust recovery starting in late October. From a modest $3, the coin’s value surged to a remarkable peak of $14.74, marking an impressive 386% increase. This uptrend is underscored by the development of a rounding-bottom pattern, suggesting that the current recovery could be the precursor to a more extensive bullish trend.

Also Read: Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop

Is ORDI Ready to Surpass $15?

• A recent breakout from the $10.58 barrier offers buyers an additional stepping stone to prolong recovery time. 
• The rising ORDI price may surge 44% before hitting the next crucial resistance of $18.
• The intraday trading volume in ORDIer is $429 Million, indicating a 9% loss.

Source- Tradingview

In the last three weeks, the ORDI coin price has witnessed parabolic growth, contributing to the formation of a bullish reversal pattern called a rounding bottom. 

A significant portion of these gains occurred on September 7th, coinciding with the coin’s listing on Binance, the leading cryptocurrency exchange. The listing catalyzed a flood of buying activity, evidenced by an extraordinary 82% intraday gain. 

Amidst this bullish wave, the ORDI price breached the notable resistance level of $10.58, now potentially establishing it as a support base for future price action. Despite a slight intraday retreat of 3%, the price’s ability to maintain above $10.58 could signal that the rounding bottom trajectory remains intact. 

By the press time, the ORDI is valued at $21.4 and appears to be progressing toward the pattern’s median resistance at $29.5, suggesting a potential upside of 140%.

Health Retreatment Sets Higher Recovery Ahead

 It’s important for traders to be mindful that after such dynamic rallies, a period of consolidation or pullback is typical. The vigorous ascent of ORDI could experience a brief correction phase, potentially retracing to support levels at $10.58 or even $9, which aligns with the 38.2% and 50% Fibonacci levels, respectively. Such a retracement could serve as a strategic juncture for the currency’s continued upward trajectory.

• Average Directional Index: the ADX slope at 56% reflects a minor pullback that would soon be possible to replenish bullish momentum. 
• Exponential Moving Average: A potential bullish crossover between the 50-and-100 EMA slope should accelerate the buying momentum