The post Will It Reach $50 Mark This Week? appeared on BitcoinEthereumNews.com.

Ordinals (ORDI), the first BRC-20 token developed on the Bitcoin Network, has recovered in the past two weeks.  Amidst the shift in the market dynamics and resurgence of Bitcoin price, ORDI price regained the bullish momentum and soared over 60% in the last two weeks. The ORDI token price recently revived from its lower trendline support mark of $26 and took a U-turn from there. Traded inside a falling channel, the token seemed poised to break out its downward-sloping trendline hurdle soon. The noteworthy recovery from the bottom signified the buyer accumulation and the fresh long additions in the token. Interestingly, a follow-on buying action with a volume surge conveyed the demand surge, which might fuel the potential upmove ahead. It has climbed above the 20-day and 50-day EMA marks and attempted to crack the 100-day EMA mark. Once the major hurdle of $50, which was placed close to the 200-day EMA mark, breaches, a breakout rally can be seen ahead. ORDI At Press Time At press time, the ORDI was trading at $42.10 with an intraday surge of 16.31%, reflecting buying momentum on the chart. It has a monthly return ratio of 10.20% and 616.20% yearly, reflecting a short-term uptrend. The pair of ORDI/BTC was at 0.000638 BTC, and the market cap was $884.90 Million. Analysts were bullish and suggested that the ORDI price may register a channel breakout and would cross the $50 mark soon. Regarding the market cap, ORDI was ranked at 92 and has a total supply of 21 million. ORDI Prepares For a Breakout The daily chart of ORDI showed a ripple from its trendline support of $26 and regained bullish momentum this week. Notably, the renewed positive sentiment across the market fueled the recovery. When writing, the ORDI token has completed its correction phase…

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Filed under: News - @ July 20, 2024 6:20 pm