The past few months saw ORDI through a massive rally as it returns over 15x in profits. Although the price retraced earlier this month but is now slowly bouncing back after holding the $63 level as support.
ORDI recently paused bullish after witnessing notable growth since October 2023. It found support above the $60 level and remained indecisive over the past few days.
But today, it appeared to be showing signs of strength as it slowly foots a fresh increase on the daily chart. This could lead to another swing high for the BRC2 token from a short-term perspective.
On the hourly chart, the price is already bouncing back but is not strong enough to confirm a bullish continuation. Right now, buying volume is still looking low. We can expect a big price movement if the volume increases notably by the day.
A weekly candle close above the previous resistance level would validate a clear breakout for a continuation. If not, the price is likely to remain indecisive until a surge in volatility occurs.
However, a drawdown from the current trading level could set the asset for a bearish move. But looking at the current price actions, ORDI is more likely to resume bullish than bearish.
ORDI’s Key Level To Watch
The price is currently approaching an immediate resistance of $80. A surge through this resistance could bring the price back to $91.9 before breaking out to $100 and potentially $110 in no time.
In case of a drop, the $63 level remains a solid support to keep in mind. A break below this level could see the price test $50 before dipping to $41.
Key Resistance Levels: $80, $91.9, $100
Key Support Levels: $63, $50, $41
- Spot Price: $77
- 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.
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