Will ORDI’s Price Keep Rising Following a 20% Spike?
ORDI has garnered attention with a notable 20% surge at the beginning of the week on September 2nd, sparking discussions among analysts regarding the possibility of a significant uptrend.
Throughout the month of March, ORDI had been experiencing a general downward trajectory. As of the current writing, it is valued at $32.05, reflecting the upward momentum observed on Monday when it jumped by 20.05%.
This surge marks a significant event for ORDI, as it hasn’t encountered such a substantial single-day increase since May.
Upon analyzing its price movement, it was observed that the surge was triggered by a rebound from a critical support level at the $25 range, which had previously acted as a resistance zone in July and August.
The recent bullish move exhibited by ORDI may suggest the commencement of a bullish breakout. The cryptocurrency has been confined within a descending wedge pattern for an extended duration and is now nearing a potential breakout point.
The positive price action on Monday might draw more interest from traders. If this trend continues, ORDI could potentially see further upside movement.
Predicting ORDI’s Future Price Movements
Comparisons with Bitcoin have arisen, considering that ORDI and Bitcoin share a crucial similarity with both having a capped supply of 21 million coins. Despite this similarity, BTC’s current value significantly surpasses that of ORDI by over 1,700 times.
With a market capitalization of $673.84 million, ORDI appears undervalued in the broader context of the market. Additionally, its trading volume surged by more than 180% in the previous 24 hours, indicating a strong investor interest.
Speculations about ORDI’s short and long-term potential gains are rife. Analyzing the current market sentiment can potentially shed light on ORDI’s future growth prospects. The recent peak of net shorts at 3.895 million positions suggests that a notable number of traders are anticipating a price pullback.
In contrast, higher net long positions at 4.45 million indicate a prevailing bullish sentiment. In the short term, traders could anticipate ORDI reaching as high as $57 if the bullish momentum is sustained.
This level marks a significant support/resistance area representing a potential 78% increase from its current levels. Given ORDI’s limited circulating supply, it appears viable for the price to reach above $100 in the medium to long term. The all-time high (ATH) stands at $97, with the ideal scenario envisioning price levels exceeding $200 with strong demand.