BRC-20 Tokens Stumble Again! ORDI And SATS Price To Record New Low Soon?
The post BRC-20 Tokens Stumble Again! ORDI And SATS Price To Record New Low Soon? appeared first on Coinpedia Fintech News
The BRC-20 tokens displayed a notable run during the last month, as major tokens from the category recorded massive gains in their respective portfolios. Since the start of 2024, the ORDI and SATS prices have displayed a neutral trend, suggesting a rise in the disinterest of investors in this category.
Further, both the tokens have experienced a breakdown from their important support levels, highlighting a strong bearish influence in the crypto space. Will BRC-20 regain momentum and record a new high this year?
ORDI Price Analysis:
The ORDI price traded in a consolidated range between $66 and $78 for a brief period, following which the bulls gained momentum and the price broke out of the range. The bulls constantly struggled to hold the price above the resistance/support level of $78, indicating a bear/bull power in the market.
After multiple attempts, the bulls lost momentum, resulting in the ORDI token experiencing a pullback within the range. After this, the ORDI coin price traded in the range for a brief period.
TradingView: ORDI/USDT
Recently, the bulls lost momentum, indicating an increased selling pressure in the market. Negatively, the Cross EMA 50/200 days record a Death Cross, highlighting the price may lose significant value in the coming time.
The MACD shows a high possibility of a bullish convergence, indicating a rise in the buying pressure. Further, the histogram displays a constant rise toward the neutral point, highlighting a weak price action for the coin, further displaying a mixed sentiment.
If the bulls push the price above the resistance level of $55.536, the ORDI price will regain momentum and prepare to test its upper resistance level of $66.183 over the weekend. Conversely, if the market fails to gain power, the ORDI price will plunge and prepare to test its crucial support level of $45.
SATS Price Analysis:
The SATS coin price traded in a narrow space between $0.0000007611 and $0.0000008495 for over a week, following which the market lost momentum and the price experienced a correction of approximately 29% in valuation. After this, the price traded in a closed range between $0.0000005521 and $0.0000006782 for over two weeks.
The SATS token then experienced a Death Cross, resulting in the price experiencing a breakdown. Following this, the price traded sideways for a while, indicating a weak buying-and-selling pressure in the market.
TradingView: SATS/USDT
Further, the price broke down its important support level, indicating a disinterest of the investors in it. Recently, the bulls lost momentum, indicating an increased selling pressure in the market. Negatively, the Cross EMA 50/200 days record a Death Cross, highlighting the price may lose significant value in the coming time.
The technical indicator displays a decline in the red histogram, indicating a neutral trend in the market. Further, the averages show a constant decline, suggesting a bearish influence in the crypto space.
If the market regains momentum, the SATS price will prepare to test its upper resistance level of $0.0000005521 by the weekend. Negatively, if a trend reversal occurs, the price will plunge and fall to test its crucial support level of $0.0000003595 in the coming time.
Filed under: Bitcoin - @ January 24, 2024 9:24 am