ORDI Price Ready For Breakout: Will It Cross The $100 Barrier?
The post ORDI Price Ready For Breakout: Will It Cross The $100 Barrier? appeared first on Coinpedia Fintech News
Rising strong in the daily chart, the ORDI price continues to sustain the bullish momentum despite a lack of sustenance in Bitcoin, the market leader. Being a performer at a time of pullback, the altcoin attracts the eye of new investors.
However, the ongoing recovery faces a crucial resistance that may soon result in a sharp pullback for ORDI in January. Nevertheless, the overall trend remains bullish and finds optimistic support from ORDI price prediction.
Source – Tradingview
In the 4H chart, the ORDI price remains bullish and approaches the $80 mark while teasing a trend continuing to the $100 mark. However, the higher formations lead to an ascending resistance trendline, limiting bullish growth.
Moreover, the trend-based Fibonacci retracement level shows the uptrend, retesting the 61.80% level, and teases a trend continuation. However, the overhead trendline fracture will signal a more credible breakout entry point for sideline buyers.
Currently, the ORDI price trades at $76.41, showing a higher price rejection in the intraday candle from the overhead trendline. Hence, despite the bullish trend, the sideline buyers are indecisive and wait for a breakout signal.
Technical Indicators:
EMA: The crucial EMAs in the 4H chart show a bullish trend continuation, just like the 50D and 200D EMA signaling an uptrend in action. However, the short-term pullback can retest the 50EMA in the 4H chart at $67.10 in case of a $70 breakdown.
RSI Indicator: The RSI indicator in the 4H timeframe shows a recovery trend in motion but also a bearish divergence. Hence, the momentum indicator fails to give a decisive bullish signal and warns of a reversal.
Will The ORDI Price Start 2024 At $100?
With Bitcoin struggling to rise above $45K and taking a short-term pullback, the altcoins may soon lose momentum. However, with a history of New Year rallies following the Santa rally, the chances for continuing the bullish trend are vital for the crypto market.
Moreover, the ORDI price trend is fueled by the increased interest amongst the BRC-20 tokens, which will get a piggyback rally if Bitcoin crosses $45K. Therefore, the ORDI price shows the potential to reach the psychological mark of $100.
In contrast, a downtrend will test the 50D EMA or the $60 level.
Filed under: Bitcoin - @ December 30, 2023 8:53 am