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The Bitcoin Ordinals (BRC20) wave took over the crypto space in Q4 2023 and ORDI, the first and largest BRC-20 token in the Ordinals ecosystem continues to reach new hits. The token recently crossed the $1 Billion market cap and as of the time of writing, its market cap stood at $1.4 Billion.
This has translated to a massive surge in ORDI’s price with the token registering a 288% increase in December alone. The current price action offers an opportunity to get in on the ORDI wave. Here’s how you can maximize it.
Price retracement could yield more long opportunities
ORDI’s parabolic price rise has seen the token register a swift price jump without any significant dips. However, after hitting an all-time high of $82.9 today, ORDI has presented short-term buyers with a good opportunity for new long positions.
The four-hour timeframe showed price trading at $70.2, just slightly above the support level of $67.5. Bullish traders can wait for a bullish candle close on the four-hour timeframe before entering long positions. Profit targets include the all-time high of $82.9 for 13% returns or further upside at $90 for 20% returns.
The Relative Strength Index (RSI), a momentum indicator, showed strong bullish convictions. Even though the RSI dipped out of the overbought zone, it remained firmly in the bullish zone with a reading of 67.
Likewise, the Chaikin Money Flow (CMF) registered strong capital inflows. This revealed sufficient buying pressure for ORDI in the short term.
A look at ORDI’s short-term price chart showed that massive price increases have followed the token trading within a range. Consequently, traders can expect another upward movement in ORDI’s price with the $100 psychological mark possible in Q1 2024.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.