ORDI price action shows a double-bottom breakout rally challenging the $75 barrier.
The short-term pullback brings an entry opportunity with a retest phase.
The post-retest reversal rally projects a high likelihood of a bull run to $100.
Standing out among this week’s top performers, the Ordinals coin price displays a sharp bullish continuation. Making a strong comeback after weeks of consolidation, the ORDI price gives an overnight jump of 47%.
With the overnight recovery signaling a breakout rally in the daily chart, the chances of prolonged recovery improve for originals. Further, as the Altcoins market recovery gains momentum, the Ordinals price prediction signals a further bullish recovery.
Source – Tradingview
Following a sideways trend to form a W-shaped pattern, the ORDI price trend signals a significant increment in the underlying momentum. With a sudden jump to overpass the neckline at $68, the bullish trend is heading towards the psychological mark of $100.
The breakout rally challenges the 50% trend-based Fibonacci retracement level and reflects a solid overhead resistance. This is evident due to the ongoing pullback in the Ordinals market value today by 5.86%, leading to a shooting star Candle.
Currently, the ORDI price trades at $70.97 and heads to retest the neckline breakout at $68. However, supporting the bullish reversal anticipations, the neckline coincides with the 38.20% fib level and makes a solid level to potentially revert the retest to a higher level.
MACD indicator: MACD and signal lines give a bullish crossover to regain the positive alignment and signal a bullish trend continuation.
Bollinger Bands: The bullish recovery stretches the overhead Bollinger band as it attempts to cross beyond it. This reflects a high momentum bullish spree in the Ordinals price chart.
Will The ORDI Price Reach $100 This Year?
As altcoins are gaining momentum, ORDI price exits the hibernation room and enters the bullish sauna. With the ongoing breakout rally and bullish preparations to extend the uptrend, Ordinals’s price may soon reach $100 if it maintains above the $80 level.
In contrast, a downtrend will test the 50D EMA or the $60 level.