Ordinals (ORDI) Price Rally on Binance Listing
The price of Ordinals (ORDI) surged by over 90% to reach a new 4-month high of $10.40 on Tuesday, November 7, driven by the anticipation of its listing on Binance. This significant price increase has led to speculation about whether this will spark a sustained rally.
Binance Listing Sends ORDI Trading Volume Soaring
The Ordinals protocol enables users to store lightweight files like text, images, audio, and video on the Bitcoin blockchain. As a result of this development, Binance announced it would begin offering trading pairs for ORDI/BTC, ORDI/USDT, and ORDI/TRY. It also plans to list ORDI as a new borrowable asset with an Isolated Margin pair.
Within 24 hours of this announcement, the trading volume for ORDI spiked by over $200 million, reaching an all-time high of $237 million. This surge in trading volume is considered a bullish signal indicating enhanced market liquidity and increased investor interest.
Ordinals Social Dominance Reaches Four-Month High
Following the Binance listing news, media mentions of Ordinals have significantly increased. Santiment data shows that ORDI’s Social Dominance hit a peak of 1.34% on November 7, marking the highest level in four months. An increase in social dominance during a rally often indicates approaching euphoric highs.
ORDI Price Correction: Possible Retracement Toward $10
Before its listing on Binance, market sentiment surrounding Ordinals was predominantly bullish. However, with such a massive increase in trading volume within a single day and the Relative Strength Index (RSI) trending at 88.27, ORDI is now trading in overbought territories. This makes it increasingly likely that the next significant price swing will be downward.
The Parabolic SAR suggests that $5.25 is a potential major reversal point for the price of ORDI. Despite this risk, if strategic investors decide to exit and book profits due to the recent surge in social dominance and speculative capital inflows from the listing news, an ORDI price correction could be imminent.
Hot Take: Will the Binance Listing Sustain the ORDI Price Rally?
The recent surge in Ordinals’ trading volume and social dominance following its listing on Binance has sparked significant market interest. However, it remains to be seen whether this speculative frenzy can sustain an extended price rally or if a correction is imminent due to overbought conditions and potential profit-taking by strategic investors.
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