ORDI Bounces Back 15% This Week: Is $50 Mark Next

ORDI token associated with the Bitcoin Ordinals protocol witnessed a double-digit recovery of over 15% this week and was inched closer to its 20-day EMA hurdle. This revival came amid the market’s bearish moves throughout the week.

Since its inception, it has rolled over 560% and made a high of $96.17 in March 2024. Afterward, it underwent a retracement and regressed over 36% in the last two months.

Despite the lower low swings, the token has set to cross the downward-sloping trendline hurdle of $36. Beyond that, the token has room to reach the $50 mark for the near term.

At press time, the ORDI was trading at $2.10 with an intraday surge of 4.36%, reflecting neutrality on the charts. It has a monthly return ratio of -36.20% and 462.20% yearly, reflecting short-term profit booking.

The pair of ORDI/BTC was at 0.0000308 BTC, and the market cap was $121.59 Million at press time. Analysts were neutral and suggested that the ORDI price may register a range breakout and retain the mark of $3.

ORDI Aims For Further Gains

Fueled by the selling pressure, the ORDI token lacked buying momentum and has experienced a consolidation for the past few weeks.

Recently, the bulls attempted to cross the $50 mark but failed, and a rejection move was noted last month. Until the round mark of $50 was not broken, the token could continue to hover in the downtrend and resume the consolidation move.

On the flip side, if the sellers succeed in breaching the 52-week lows of $27, it could lead to an aggressive move and might slip toward the $20 mark. 

However, the market signals a recovery, which might boost the buyer’s confidence in stretching out the token.

The RSI curve recovered from the oversold region and reached the halfway line with a positive divergence, signaling that a reversal was in motion. Likewise, a bullish crossover spotted on the MACD indicator, suggesting a potential upmove ahead.

Per the Fib levels, the ORDI token has a near-term hurdle placed around $40, which, if surpassed, the token could reach the $50 mark, its 38.2% zone soon.

Sharp Upward Move Noted In Social Dominance

The Social Dominance data observed a massive inclination; a surge of over 430% noted, and the value skyrocketed to 0.905% within a few hours. This surge indicates that ORDI holders have gained attention on the media platform.

However, the weighted sentiment data was still in the negative region, highlighting the weak demand for the token in the crypto market.

A tweet on X post mentioned that the ORDI token price traded near the accumulation zone and could see a potential recovery toward the $50 mark ahead.

OI Weighted Funding Rate

The positive value and a surge in the OI-weighted funding rate signifies a strong demand for the long positions, remarking a bullish signal and indicating a sustained recovery ahead.

The open interest grew by 11% to $146.53 Million in the past 24 hours, with a price rise of over 5%. This signified a bullish conviction that traders are willing to go long.

Meanwhile, this surge caused by a flurry of short liquidations covered overnight. The long liquidations were at $398k at press, while the short liquidations were only at $37k.

This extensive surge in liquidity means that the market was expecting further consolidations and a decline in the token price in the near term.

The immediate support levels for the ORDI token are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3

All In All

The ORDI token price has recovered from its demand zone of $26 and has retained the 20-day EMA mark. Despite the market bearishness, the token still wants more and is eyeing to reach the $50 mark soon.

The post ORDI Bounces Back 15% This Week: Is $50 Mark Next appeared first on The Coin Republic.