The ORDI Price Soars to New Heights
The price of ORDI has been on a remarkable upward trajectory in Q4 of 2023, surging by an impressive 2,200% since October 16. Today, it reached a new all-time high of $82.80 before experiencing a slight dip. The question now is, what can we expect from ORDI for the remainder of the year?
ORDI Reaches New All-Time High
Since September 11, the ORDI price has been steadily increasing. It created a higher low on October 16, leading to a significant acceleration in its rate of growth. The price movement has been parabolic, with no major declines. Yesterday, after a period of consolidation, ORDI broke out once again and reached a new all-time high today at $82.80. Overall, the price of ORDI has surged by 2,200% since the start of its upward movement.
Weakness Detected in RSI Indicator
The Relative Strength Index (RSI) is often used by traders as a momentum indicator to identify overbought or oversold conditions and make decisions about buying or selling assets. Readings above 50 with an upward trend indicate an advantage for bulls, while readings below 50 suggest the opposite. Despite the rapid increase in ORDI’s price, the RSI is showing signs of weakness. In December, it generated a bearish divergence, which occurs when there is a decrease in momentum alongside a price increase.
ORDI Price Prediction: $100 Within Reach?
Cryptocurrency analysts believe that ORDI’s upward movement is far from over. Tryrex noted a breakout from a symmetrical triangle and suggested that another upward movement has begun for ORDI. Teo shares a similar belief and uses horizontal ranges to support his conclusion. Technical analysts who employ the Elliott Wave theory also indicate that ORDI is in the fifth and final wave of its upward movement, which started in October. If ORDI surpasses a certain level, it could increase by 58% to reach the next resistance at $113.
Remaining Bullish as Long as Support Trend Line Holds
As long as ORDI’s price remains above its parabolic ascending support trend line, the trend will continue to be bullish. However, if a breakdown occurs and the price falls below the parabola, it could trigger a 50% drop to the support level at $33.
Hot Take: ORDI Skyrockets to New Heights
The price of ORDI has experienced an extraordinary surge in Q4 of 2023, increasing by a staggering 2,200% since October 16. It recently reached a new all-time high of $82.80 before experiencing a slight dip. Analysts believe that ORDI’s upward movement is not yet complete and predict that it may reach $100 or even higher. However, caution should be exercised as indicators such as the RSI show signs of weakness. It remains to be seen whether ORDI can maintain its bullish trend or if a breakdown will trigger a significant drop in price.
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