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ORDI’s bearish price action was halted by buyers around the $50 price mark. Since then, buyers have made a gentle but sustained push to recover key price territory.
Over the past 24 hours, a 9% pump has seen ORDI recover the $57.8 support level. The recovery of this support level is key for buyers, as this support level produced a massive 62% pump in December.
With price consolidating just above it, can buyers expect another significant pump?
What is ORDI?
ORDI is the first BRC-20 token developed on Bitcoin's blockchain using the Ordinals protocol. It has emerged as one of the most popular Ordinal tokens, growing to a market capitalization of over $1 billion.
The Ordinals protocol allows for data such as images, audio, text, and video to be written directly to each Satoshi (smallest unit of a Bitcoin). This novel technology has enabled the creation of unique digital assets on Bitcoin.
Short Term Double Digits Profits a Possibility For Buyers
The bullish candle close above the $57.8 support level on the four-hour timeframe revealed the building bullish momentum.
This was further highlighted by the RSI (Relative Strength Index) pushing strongly from the neutral 50 level to hit 67, hinting at strong buying pressure.
Buyers responded to these positive signals from the price action and RSI with more capital into ORDI. This saw the CMF (Chaikin Money Flow) register a positive reading of +0.21.
Taking all these factors into consideration, short term buyers can leverage the price recovery for quick gains. An entry at the current market price of 58.6 could yield 14.8% gains with the next resistance level lying at $67.5.
Blockhead
Alternatively, a bearish candle close below $57 will invalidate this bullish setup. Traders should actively track market sentiment, as a shift in market dynamics could result in a swift price reversal.
Intraday trade idea
Entry - $58.6 (Current Market Price)
Potential Target - $67
Stop loss - $57
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.
