The altcoin is back to its all-time high as Bitcoin price ends its decline at $70,000. Among altcoins, the ORDI price trend shows a setup that is likely to be bullish in the near future.
Additionally, with multiple bullish catalysts in play for the ORDI trend and the overall market, sideline traders expect a strong rally. Lastly, as Bitcoin halving approaches this April, the ORDI price prediction predicts a score above $100 as Bitcoin prepares for $75,000.
Trading View
With a diagonal sideways wave, the ORDI price trend forms an upward support trend line on the daily chart. Moreover, altcoins show a constant struggle to rebound from baseline.
On the upside, sellers are in control of the $85 area as there have been multiple rejections over the past few months. Therefore, altcoins are stuck in a long-range consolidation wave. ORDI price is currently trading at $66.3 and is up 4.13% intraday, forming a bullish candle.
Intraday movements have helped the altcoin weaken its 5% decline this Wednesday and point to a stronger comeback next month.
Technical indicators:
RSI indicator: The daily RSI line follows the bullish resurgence of ORDI and has crossed above the mid-line.
Bollinger Band: A bullish resurgence leads to the formation of new highs and lows and prevents a decline to the lower band. However, the Bollinger Band maintains a downward trend while minimizing the rise of the lower band, signaling a reversal.
Will ORDI price rise to $100?
With the recent reversal, ORDI price is challenging the 78.60% Fibonacci level and preparing for another test at $85. Considering the massive supply of $85 and the amount of momentum seen during the consolidation process, a dramatic breakout rally is possible.
Therefore, if the $85 level is strong, it could easily break the psychological $100 level. Bullishly, the upward trend could reach $132 at the 1.618 Fibonacci level.