Initiating another sell-off this week, ORDI dipped to a four-month low and held it as support. The price bounced briefly in the past hours but it is currently the biggest loser of the day with a 17% drop in under 24 hours.

Starting this week a bit strong, Ordi managed to tap $79.5 and later lost grounds due to a sudden rejection. This was followed by a steady coaster move and the price bled throughout the week amid the latest meltdown.

That changed the crypto landscape in favour of the bears and the price dipped to a low of $36.9. A quick rejection from this low brought a slight increase, holding this low-price level as temporal support since yesterday.

It rejected $39 today and now slowly dropping again. Adjusting to the lower timeframe, Ordi appeared to be forming a bullish reversal pattern. But as it stands now, the sell-off appears not finished as the bears continue to show commitment.

Losing yesterday’s low could cause more catastrophic drops to $10 in the market. But if the price holds well above it, we can expect a fresh buy action to take place. For now, the bears are not given up as selling pressure increases.

If Ordi rolls back to the current weekly low of $36.9, we can expect more drops. The closest support to watch below it is $27.8. The lower support to consider next is 20.S

Retesting the $48.8 level as resistance today, the higher resistance level for an increase is $55.5 and potentially $66. Moving higher, the weekly rejected resistance is the first level to watch for a breakup before flipping through $97.

Key Resistance Levels: $48.8, $55.5, $66

Key Support Levels: $36.9, $27.8, $20

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: armmypicca/123RF// Image Effects by Colorcinch

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