There was another intraday increase in Bitcoin’s supply. With this development altcoin ‘s and Bitcoin-related projects are also on the rise. Amid these conditions, the ORDI price trend shows the possibility of an upward move after days of correction.
With the underlying sentiment changing, the altcoin stands at a crucial stage with a huge risk-reward entry opportunity. Will the altcoin reach $100 this year? We will look for answers to this question in the rest of the news.
Double Bottom at $43 Prompts Bullish Reversal
ORDI The price suffered multiple declines to the $43 support zone, struggling constantly to reach the psychological milestone of $100. In the recent correction, the drop to $43 failed to surpass the $52 mark, resulting in another decline to the demand zone.
However, the low price rejection at $43 prevents further correction. This triggers a double-dip reversal. Moreover, buyers maintain a strong stronghold at the 50% Fibonacci level, increasing the possibility of an uptrend.
Currently, ORDI price is trading at $40 as it remains stagnant near the demand zone. With the dip buying opportunity emerging at lower levels, side traders are awaiting a bullish confirmation.
Technical indicators:
RSI Indicator: The daily RSI line is holding above the oversold zone, reflecting an increase in bullish divergence.
MACD: The bearish divergence and signal lines on the MACD are diving deep into negative territory.
Will ORDI Price Go Above $100?
With increasing chances of a reversal, ORDI price is ready to bounce from the 50% Fibonacci level and return to $80. Additionally, with rising bullish sentiment on Bitcoin, the altcoin is likely to rise to the $100 psychological mark soon.
Conversely, it is also possible to fall below the $40 demand zone. In this case, the price is likely to drop to the $33 or $22 support level.
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