ORDI Price Skyrockets 98% in Trading Volume -

Amidst a turbulent crypto market, ORDI is making waves with a remarkable 98.17% surge in trading volume, propelling it to $166 million. This dramatic increase in activity has also translated into a notable recovery of 15.40% in ORDI’s price over the past 24 hours. Despite this short-term bullish momentum, the overarching trend for ORDI remains bearish, with the cryptocurrency forming a falling wedge on its daily chart. The pressing question now is whether ORDI can sustain this surge and spark a bullish breakout in the coming weeks.

ORDI Price Analysis: A Glimpse into Recent Trends

Currently trading at $30.11, ORDI has witnessed a significant decline from its annual high of $96.53, representing a staggering 68% drop. The cryptocurrency recently broke below the $50 psychological level, reaching a low of $23.51. However, the recent bullish activity within the falling wedge pattern has led to a 43% price increase over just eight days. This suggests a potential reversal could be on the horizon.

Despite a 61% drop year-to-date (YTD), ORDI holds a market cap of $632 million, positioning it at #92 in the crypto rankings. This market cap underscores the cryptocurrency’s resilience and potential as it navigates through the broader market recovery.

Technical Indicators Point to Potential Upside

The Moving Average Convergence Divergence (MACD) indicator, a key tool for assessing momentum, has shown positive signs. The recent bullish reversal within the falling wedge pattern has caused an uptick in both the MACD and signal lines, with the average lines approaching a bullish crossover. This technical setup reinforces the possibility of an upward trend for ORDI.

In terms of price targets, the Pivot Points standard suggests several potential resistance levels: $34, $44, $52, $61, and $70. This indicates that ORDI has an upside potential of approximately 130% from its current price. However, a crucial factor will be whether ORDI can successfully break above the overhead trendline and sustain this bullish momentum.

Support and Resistance Levels

For investors eyeing potential entry points or risk management, the Pivot Points reveal key support levels at $26, $17, and $9. These levels are critical for mitigating downside risk if the bullish breakout fails to materialize.

Conclusion: What’s Next for ORDI?

As the crypto market continues to recover, ORDI’s recent trading surge and technical indicators suggest a possible bullish reversal. If ORDI can overcome key resistance levels and maintain its momentum, it may well signal the start of a new bull cycle. Investors should closely monitor the asset’s performance around pivotal levels and be prepared for potential volatility as ORDI attempts to break free from its bearish trend.