The post ORDI and MINA Face Uncertainty as Meme Moguls (MGLS) Presale Gains Traction Among Crypto Enthusiasts appeared on BitcoinEthereumNews.com.

As the future of ORDI and MINA looks potentially bearish, a new gaming crypto project MGLS is building hype in its presale event. We explore the bearish technical indicators for ORDI and MINA and the potential price action of MGLS, which approaches the launch of its new crypto trading game. ORDI price forecasts and technical analysis look bearish $ORDI is the token representing the Bitcoin Ordinal Inscriptions project – a new protocol allowing people to mint NFTs on Bitcoin. However, Ordi has no actual use cases or functionality and does not need to use Ordinals. Rather it is simply a meme coin named after the protocol. Although early buyers made good money with Ordi, the future seems unsure. Let’s take a look at the technical indicators and create an analysis. Examining the one-hour chart, we see Ordi has been in a steady short-term downtrend over the past weeks, making lower highs and lower lows.  The 50 and 100-hour moving averages completed a bearish crossover four days ago, supporting this downward momentum. However, the RSI is approaching oversold levels at 25, indicating we could see a minor bounce soon.  Zooming out to the one-month view, the price broke down from an ascending triangle pattern last week and retested the breakdown point as new resistance just yesterday around $63. This validates the breakdown.  The break below support also lines up with the Ichimoku cloud flipping to resistance, signaling a long-term trend change to bearish. As long as Ordi remains trapped below the cloud around $65, our bias remains bearish for a continued move lower toward the next target of around $55 over the coming month. MINA Protocol is tiny, but can the price go big? Mina is the coin behind Mina Protocol – which is, according to the team ‘the world’s smallest…

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Filed under: News - @ February 19, 2024 4:10 am