ORDI and MINA face uncertainty as Meme Moguls (MGLS) presale gains traction among cryptocurrency enthusiasts.
With the future of ORDI and MINA potentially bearish, new gaming cryptocurrency project MGLS is generating hype at its pre-sale event. We look at bearish technical indicators for ORDI and MINA, as well as potential price action for MGLS ahead of the launch of its new cryptocurrency trading game.
ORDI price prediction and technical analysis appears bearish.
$ORDI is the token representing the Bitcoin Ordinal Inscriptions project, a new protocol that allows people to mint NFTs on Bitcoin. However, Ordi has no real use cases or features and there is no need to use Ordinal. Rather, it is simply a meme coin named after the protocol. Early buyers have seen good returns with Ordi, but the future looks uncertain. Let’s look at technical indicators and write an analysis.
Looking at the 1-hour chart, we can see that Ordi has been in a steady short-term decline over the past few weeks, making lower highs and lower lows.
The 50-hour 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 that we may see a slight bounce soon.
Zooming in to the one-month view, the price broke out of its ascending triangle pattern last week and retested the break point yesterday with new resistance around $63. This confirms the fault.
A break below the support line will cause the Ichimoku cloud to turn into resistance, signaling that the long-term trend is about to turn bearish. As long as Ordi remains trapped under a cloud around $65, our bias remains bearish for it to continue falling towards its next target of around $55 over the next month.
The MINA protocol is small, but can the price become large?
Mina is the coin that underpins the Mina Protocol, “the world’s smallest blockchain,” according to the team. Blockchain aims to be really small. It’s smaller than a photo on your phone, opening up potential use cases where space is an issue. One commenter on Crypto Twitter suggested that the Mina protocol would be ideal for US elections.
Mina began pre-sale in 2018 at $0.25 and is currently valued at $1.29. The Mina protocol has just completed a series of tests and trials on testnet, bringing it one step closer to mainnet launch. But for now, we’ll just have to wait and see if Mina can deliver. Many blockchains promise the world, but once they are actually implemented, everything could change.
From a technical perspective, Mina has seen extreme volatility between $1.15 and $1.68 in the first three weeks of the year after reverting to the start of 2024. Afterwards, it plummeted to the $1 level at the end of January and then stabilized. Over the past few weeks, the price has consolidated between $1.13 and $1.32, finding support although it has failed to regain upward momentum. The recent tight range could lead to a bigger breakout soon. A decisive move above $1.32 resistance or a break below $1.13 support could signal the next major trend move. However, currently Mina is still stuck in integration.
Will MGLS stand to make a big profit if it ends its pre-sale?
MGLS is the token of the Meme Moguls project. Despite the name, this is not a meme coin but a Play-to-Earn game.
The basic idea of the game is to attract the attention of meme lovers and encourage them to compete in a simulated cryptocurrency trading game. To make it even more fun, people can earn, acquire, purchase, and use meme-based NFTs to level up their characters.
People who want to make money from games can sell NFTs on the marketplace. Or, those skilled enough to reach the top of the global leaderboard can become a meme tycoon and win prizes. You can then offer subscriptions and support to people who want to copy your trades or learn your strategy.
However, the current play is to buy MGLS while it is still on pre-sale. With only two steps left, the token has already risen from its starting point of $0.0019 to $0.0036, representing an increase of 89%. Experts are predicting between 10x and 30x from here, meaning there is a lot of upside potential if the project goes as expected.
Learn more about the $MGLS pre-sale here.
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