BRC-20 tokens continue to attract market attention, with top coins recording a significant uptrend in their values. Moreover, ORDI It has increased by over 18% in the last 24 hours, making it one of the biggest gainers of the day in the crypto industry.
Ordi token briefly traded in a tight range between $18,550 and $23,618. Then the market gained momentum and the coin rose. The bulls jumped over 186% in a week and then the price was rejected at $67,723, causing the bulls to lose momentum.
The price tested the lower support level at $44,575. However, the bulls kept the price above the support level, resulting in a bounce back. However, the rally was short-lived as the price was rejected once again at $67,723.
Following this, the bulls lost steam and began trading in a consolidated range between $44,575 and $55,536 for more than a week. The bulls then attempted to surpass the key resistance level at $67,723. However, the price recorded another unsuccessful attempt, highlighting a strong liquidation point.
Following this, it witnessed a pullback in the range where it traded sideways for over a week. Recently, the bulls regained momentum and successfully broke out of the range and is on track to test the upper resistance level. Additionally, the 50-day EMA acts as a dynamic support for the coin, indicating a high probability of a major price movement in the coming period.
The Moving Average Convergence Divergence (MACD) shows a continuous rise in the histogram, indicating that buying and selling pressure is increasing in the market. Moreover, the averages show a sharp upward trend, suggesting that the price will continue to appreciate in the coming period.
Will ORDI Price Rise Again?
Koinfinans.com As we reported, if the bulls sustain the price above the $55,536 support level, altcoin The price will continue to gain strength and will test the $67,723 resistance level this week. Moreover, if the bulls sustain the price above the resistance level, it will attempt to test the upper resistance level of $75 this month.
Conversely, if the trend reverses, the price will lose momentum and decline to test the $55,536 support level. If the bears continue to hold strength, it will decline in the coming days and prepare to test the lower support level at $44,575.
Moreover, if the bears continue to dominate the market, the price will trade under a strong bearish influence and test the $33,689 low by the end of the year.