The BRC-20 token has been gaining significant momentum recently, with the leading token seeing massive price fluctuations over the course of this month. Additionally, ORDI price has added over 18% to the portfolio over the past day, indicating a market trend reversal.
The ORDI coin price traded in a closed range between $18.550 and $23.618 for a short period of time, after which the market gained momentum and the price surged more than 186%.
However, the Ordi token faced rejection at that level and recorded a correction of around 35% in its value. The Ordi token was trading in a consolidated range between $44.575 and $55.536 for some time, after which the bulls gained momentum and broke through the resistance level.
The rally was short-lived as the price was rejected at $67.723, resulting in the price falling within the range. Since then, the price has been trading sideways, indicating weak buying and selling pressure for this token in the market.
The Relative Strength Index (RSI) shows a sharp decline on the chart, highlighting the reduced price movement in the market. The averages also show a high probability of bullish convergence, suggesting that the coin will experience a trend reversal in the future.
Will ORDI prices go up?
If the bulls hold the price above the support level of $55.536, ORDI price will regain momentum and prepare to test the resistance level of $57.723 by next week. Additionally, if the market maintains the price at this level, it will continue to rise until the end of the month and test the upper resistance level of $70.
Conversely, if bears take control of the market, bulls will lose momentum and the price will fall to test the support level at $44.575. Moreover, if the bears continue to dominate the market, the downside will increase further and prepare to test the lower support level of $33.689 next week.