Following the recent election outcomes, the overall mood within the digital currency sphere has shifted from a downward trend to an upward trend. In light of this optimistic outlook, the primary token of the Ordinals Protocol [ORDI] is on the brink of experiencing a substantial upward swing in the upcoming days.
This positive viewpoint could be attributed to favorable price movements, increased enthusiasm from investors and traders, and the generally upbeat market sentiment.
Analysis of ORDI’s Technical Aspects and Significant Levels
As per CryptoCrypto’s technical examination, ORDI is currently facing challenges in surpassing a critical resistance point at $44.40. This level is also seen as the neckline of a bullish inverted head and shoulders pattern.
Considering recent price changes and past momentum, if ORDI manages to penetrate this level successfully and concludes a daily trading session above $44.45, there is a high likelihood of it surging by approximately 40% to hit the $62 mark in the coming days.
Presently, ORDI is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an upward trend. Furthermore, its recent breakout from a descending trendline strengthens this indication.
In addition to these assessments, the optimistic scenario for ORDI will only remain valid if it achieves a daily close above the $44.45 level; otherwise, it might face setbacks.
Positive On-Chain Indicators
Furthermore, on-chain statistics provide additional backing for the optimistic perspective on the asset. According to the on-chain data provider Coinglass, ORDI’s long/short ratio presently stands at 1.003, signaling a strong bullish sentiment prevailing among traders.
Moreover, there seems to be a notable rise in trader attention as the asset’s price nears the breakout threshold. The data reveals that ORDI’s open interest has surged by 8.9% in the past 24 hours and by 4.3% in the last four hours.
The amalgamation of these on-chain indicators and technical evaluations indicates that large investors and traders currently wield a significant influence over the asset and could foster its breakthrough beyond the resistance level.
At the time of writing, ORDI was exchanging hands around $43.15, marking a 7.3% increase in value over the past day. Concurrently, its trading volume witnessed a 200% surge during the same period, signifying heightened engagement from traders and investors as the potential breakout looms.