ORDI Coin Price Rises: Here's the Analysis and Predictions!

Bittime – ORDI coin recently recorded an impressive price surge of 26%, making it one of the biggest gainers in the crypto market today. 

However, despite this impressive rally, ORDI is still trapped in the descending channel that has shaped its price action since March 6. 

This article will discuss the latest analysis and price predictions for ORDI to help you understand its potential future movements.

Current ORDI Coin Price Analysis

Source: TradingView

After its initial launch, ORDI price stabilized at around $3.50 in October 2023 and started to trend upwards. A significant spike occurred on January 2 when the price peaked at $93. 

However, the price then experienced a sharp decline of 46%, dropping to $46 on January 25. After reaching this low point, the price rose again but experienced a double top pattern on March 6, leading to a trend reversal.

Then, a new downward trend emerged, with ORDI prices falling to around $31 on May 1, marking a 67% decline from the March 6 peak. 

An attempt to form a new uptrend ran into rejection at a descending resistance level, leading to a new low of $26.50 on July 5. 

Despite a recovery that took the price as high as $42 on July 21, the subsequent decline resulted in a new low of $20.80 on August 5.

On August 24, ORDI price reached a new high of $36.60 before experiencing a retracement and ending at a higher high on September 2. 

This is a bullish signal indicating that the long correction may be over, with the recent 26% gain.

ORDI Price Prediction

Based on the hourly chart, the wave structure from August 5 to August 25 shows a three-wave movement. This occurred after an impulsive downward move, which could mean ORDI is still in a downtrend. 

Additionally, although today's momentum is strong, the current high is still relatively low.

There is a possibility of a breakout attempt, but interaction with descending resistance at this stage will likely end in rejection, leading to a new low. 

If this happens, ORDI may drop to the $19 area, marking the completion of a long correction since March 6.

Conversely, if ORDI manages to break through descending resistance and leaves the September 2 low as a higher high, we will see a higher low and a higher high compared to August 25. This will signal the start of a new uptrend.

Conclusion

With ORDI price currently showing an uptrend with no signs of struggle, there is potential for further upside in the short term. 

However, the analysis shows that the upside may be limited in case of rejection at the descending resistance level. 

Monitoring price developments and interactions with resistance levels will be the key to determining the direction of ORDI price movements in the future. Stay up to date with the latest news and market analysis to take advantage of potential ORDI price movements.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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