ORDI Price Analysis: Is it Too Late to Buy ORDI?
The first ever BRC-20 token Ordinals (ORDI) has experienced a 32% surge in price, but with a potential retracement on the horizon, you may be wondering if it’s too late to buy ORDI.
ORDI’s Rally Amid Binance Listings
BRC-20 tokens, including ORDI, have been rallying recently due to multiple listings on Binance, which have generated upward momentum for these tokens.
ORDI’s Current Price and Consolidation Breakout
Currently, ORDI is trading at $53.85, representing a 24-hour change of -16.41%. The recent surge in price was fueled by increased trading volume after the Binance listing and a breakout from a week-long consolidation around $52.
Potential Resistance and Support Levels for ORDI
ORDI faces strong resistance around $65, which has prevented a breakout. On the other hand, the 20DMA provides support at around $41.44, approximately 22% below the current price of ORDI.
RSI and MACD Indicators
The RSI indicator suggests that ORDI is significantly overheated at 62.20, indicating a need for retracement. However, the MACD reflects yesterday’s upside momentum at 0.876.
Overall Outlook for ORDI
Considering the double top structure and negative signal on the RSI, ORDI appears weak at this point. The upside target is the all-time high at $69.9, while the downside risk remains at the 20DMA level of $41.44.
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