Initiating another sell-off this week, ORDI dipped to a four-month low and held it as support. The price bounced briefly in the past hours but it is currently the biggest loser of the day with a 17% drop in under 24 hours.
Starting this week a bit strong, Ordi managed to tap $79.5 and later lost grounds due to a sudden rejection. This was followed by a steady coaster move and the price bled throughout the week amid the latest meltdown.
That changed the crypto landscape in favour of the bears and the price dipped to a low of $36.9. A quick rejection from this low brought a slight increase, holding this low-price level as temporal support since yesterday.
It rejected $39 today and now slowly dropping again. Adjusting to the lower timeframe, Ordi appeared to be forming a bullish reversal pattern. But as it stands now, the sell-off appears not finished as the bears continue to show commitment.
Losing yesterday’s low could cause more catastrophic drops to $10 in the market. But if the price holds well above it, we can expect a fresh buy action to take place. For now, the bears are not given up as selling pressure increases.
ORDI’s Key Level To Watch
If Ordi rolls back to the current weekly low of $36.9, we can expect more drops. The closest support to watch below it is $27.8. The lower support to consider next is 20.S
Retesting the $48.8 level as resistance today, the higher resistance level for an increase is $55.5 and potentially $66. Moving higher, the weekly rejected resistance is the first level to watch for a breakup before flipping through $97.
Key Resistance Levels: $48.8, $55.5, $66
Key Support Levels: $36.9, $27.8, $20
- Spot Price: $45.4
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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