The BRC-20 tokens continue to gain significant market attention as the top coins record significant uptrend in their respective values. Further, the ORDI price has jumped over 18% within the past 24 hours, making it one of the top gainers of the day in the crypto industry.
The Ordi token traded in a narrow space between $18.550 and $23.618 for a brief period, following which the market gained momentum and the coin surged. The bulls jumped over 186% within one week, after which the price faced rejection at $67.723, resulting in the bulls losing momentum.
The price tested its lower support level of $44.575, but the bulls held the price above the support level, resulting in a bounce back. However, the rally was short-lived as the price faced another rejection at $67.723.
After this, the bulls lost power and started trading in a consolidated range between $44.575 and $55.536 for over a week. The bulls then attempted to break out of its key resistance level at $67.723, but the price recorded another failed attempt, highlighting a strong liquidation point.
Following this, it witnessed a pullback within the range where it traded sideways for over a week. Recently, the bulls regained momentum and successfully broke out of the range and are on the path to test its upper resistance level.
Further, the 50-day EMA acts as a dynamic support for the coin, indicating a high possibility of a massive price action in the coming time.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating an increased buying-over-selling pressure in the market. Further, the averages show a sharp uptrend, suggesting the price will continue gaining value in the coming time.
Will The ORDI Price Rise Back Up?
If the bulls hold the price above the support level of $55.536, the ORDI price will continue to gain power and test its resistance level of $67.723 this week. Moreover, if the bulls hold the price above the resistance level, it will attempt to test its upper resistance level of $75 this month.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $55.536. If the bears continue to hold power, it will plunge and prepare to test its lower support level of $44.575 in the coming days.
Further, if the bears continue to dominate the market, the price will trade under a strong bearish influence and test its low of $33.689 by the year-end.