Ordinal Protocol’s native token – ORDI resumed bullish and saw roughly 60% gains in the last three days. This led to a breakout as it now targets a new high level. It currently follows Bitcoin’s pattern on a daily.
After launching into the market at $10 in May, ORDI fell to the low of $3 in September and started to recover slowly in the following month.
Trading volatility increased extremely in November and the price rallied to $27.8. A rejection occurred there and the price corrected lower by 30% to $18.45 in two weeks. It bounced back this week and resumed positive actions.
It currently looks strongly bullish on the price chart following a daily surge above the mentioned high, which now serves as support. This surge marked the most volatile session during this short-term bullish cycle.
A bigger price movement can be expected if this bullish cycle continues in the upcoming days. Interestingly, it has attracted the highest daily volume since the start of the week.
As of now, there are no signs of bears in the market. If they show up and react to the current trading level, the price may pull back to retest the recent breakout level as support before resuming the surge.
Aside from leading the top gainer chart with an impressive 48% increase today, it is currently the most-traded asset by volume in the last 24 hours. So far, it has returned over 1000% profits in the last two months.
ORDI’s Key Level To Watch
While the flipped $27.9 level currently serves as close support for pullbacks, the lower support levels to consider for a breakdown are $23.9 and $21.75.
If the ongoing surge in volatility continues, the next buying target levels to consider as resistance are $36, followed by $40 and $44 or even more.
Key Resistance Levels: $36, $40, $44
Key Support Levels: $27.9, $23.9, $21.75
- Spot Price: $32.8
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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