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ORDI’s all-time high of $92 looks like a distant memory with price making a significant dip to trade at $64, as of the time of writing. The recent bearish sentiment in the market has led to the largest BRC-20 token in the Ordinals ecosystem experiencing a wave of selling pressure.
The recent dip saw ORDI sellers flip the $67.5 support to resistance with a 10% dump. With a full bearish candle close under the new resistance level after some sideways price action, intraday traders can take advantage of a new shorting opportunity.
Bears break buyers’ defense to extend selling pressure
The bullish defense of the $67.5 support level finally crumbled to the short-term selling pressure. Buyers had put up a solid defense over the past 48 hours but sellers finally prevailed with a bearish candle close under the support level.
The Relative Strength Index (RSI) highlighted the strong selling momentum, as it sunk to the edge of the oversold zone. Similarly, the Moving Average Convergence Divergence (MACD) extended its bearish crossover with red histogram bars below the zero level.
As such, this offers short-term traders a new opportunity to ride the selling wave. Sellers can enter at the current market price of $64 with a profit target to reach $52 for 12% returns.
Alternatively, a bullish candle close above $68 will invalidate this bearish setup. Traders should actively track market sentiment, as a shift in market dynamics could result in a swift price reversal.
Intraday trade idea:
Entry - $64 (CMP)
Potential Target - $52
Stop loss - $68
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.