ORDI advanced buying pressure this week and broke through previous resistance to reach a new milestone today. It currently shows no signs of weakness as it continues to gain traction. It remains one of the most traded BRC-20 tokens so far.
For almost two months, ORDI has been on a buying spree with no signs of stopping yet. After going through a small correction for three weeks, the price bounced back and displayed strength all through this week.
Following a series of breakups over the past weeks, it has managed to tap exactly $84.1 today as more rally underway. The main target for this leg-up is the $100 mark.
The price may even surpass this mark level if the trading volume keeps increasing daily. Despite rejecting the current daily high, the price is still looking strong on the weekly scale.
Looking at the bigger picture, it appeared to be following an Elliot wave pattern on the daily chart. Having formed wave 1 and 3 in the past weeks with a nice retracement, the asset is now riding on the last (5) waves.
From a technical standpoint, this may bring an end to the party soon if this pattern comes into play. If not, the price would keep rising until it faces rejection.
In summary, Ordi’s performance has been highly impressive since the price started to recover from around $5 in late October.
ORDI’s Key Level To Watch
With the current upsurge, the area of interest for the buyers lies at $90, followed by the $100 mark. A push above these levels could trigger more rally to $110 in the near term.
Right now, the closest level to consider for a pullback is $70. If that support fails to produce a rebound, the lower support levels to keep in kind next are $60 and $50 respectively.
Key Resistance Levels: $90, $100, $110
Key Support Levels: $70, $60, $50
- Spot Price: $81
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: parilovv/123RF // Image Effects by Colorcinch
