Is Ordi Going to Zero? ORDI Price Plummets 10% as New Bitcoin Protocol Hits $8 Million
The first-ever BRC-20 ordinal token, Ordi (ORDI), has experienced a sudden 10% price drop, causing concern among some holders who are asking if Ordi is going to zero. This drop comes at a time when the market is eagerly awaiting news about the approval of a Bitcoin spot ETF by the SEC. Traders believe that if the ETF is approved, the price of ORDI could experience a significant increase and become a favored Bitcoin beta play in the crypto market.
ORDI Price Analysis: Traders Hunt BRC-20 Bitcoin Beta Plays Could First Ordinal ORDI Pump?
Currently, ORDI is trading below the 20DMA at a market price of $66.09, representing a 24-hour change of -5%. The drop in price is attributed to a false rally triggered by a hacked tweet from Gary Gensler’s Twitter account. If the price continues to decline and drops below the moving average support, it could indicate a bearish trend for ORDI.
However, there are bullish fundamental factors that could support an upward movement in ORDI’s price. The RSI indicator suggests that there is potential for a significant push up from the current level, while the MACD shows bearish divergence due to stalled momentum ahead of the SEC’s ETF decision. Overall, although ORDI looks vulnerable at the moment, strong fundamentals in the market could lead to a rally trend for ORDI and other BRC-20 beta plays.
ORDI Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8M Raised
Bitcoin Minetrix, an innovative Bitcoin cloud mining project, has raised over $8 million in its presale. This project offers an enticing 86% Staking APY and provides a platform for users to buy, stake, and earn rewards. With Bitcoin mining becoming increasingly centralized, Bitcoin Minetrix aims to bring decentralization back to the industry by allowing retail investors to participate in profitable Bitcoin mining.
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