2024-1-15 23:10 |
The past few months saw ORDI through a massive rally as it returns over 15x in profits. Although the price retraced earlier this month but is now slowly bouncing back after holding the $63 level as support.
ORDI recently paused bullish after witnessing notable growth since October 2023. It found support above the $60 level and remained indecisive over the past few days.
But today, it appeared to be showing signs of strength as it slowly foots a fresh increase on the daily chart. This could lead to another swing high for the BRC2 token from a short-term perspective.
On the hourly chart, the price is already bouncing back but is not strong enough to confirm a bullish continuation. Right now, buying volume is still looking low. We can expect a big price movement if the volume increases notably by the day.
A weekly candle close above the previous resistance level would validate a clear breakout for a continuation. If not, the price is likely to remain indecisive until a surge in volatility occurs.
However, a drawdown from the current trading level could set the asset for a bearish move. But looking at the current price actions, ORDI is more likely to resume bullish than bearish.
ORDI’s Key Level To Watch Source: TradingviewThe price is currently approaching an immediate resistance of $80. A surge through this resistance could bring the price back to $91.9 before breaking out to $100 and potentially $110 in no time.
In case of a drop, the $63 level remains a solid support to keep in mind. A break below this level could see the price test $50 before dipping to $41.
Key Resistance Levels: $80, $91.9, $100
Key Support Levels: $63, $50, $41
Spot Price: $77 Trend: Bullish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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