Ordi has posted a nice gain in the past week following a bounce off the monthly low. It is trending bullishly but the broader market outlook remains bearish on the daily chart. The price is up 20% weekly.
The past two weeks have been a relief in the mid-term bearish as Ordi took a U-turn after dropping to a monthly low of $25.8. Looking back, it has recovered by over half from the mentioned low level.
Despite the latest increase, which looks more like a retracement move of the existing swing low, the trend is still positioned in the downward range on the daily outlook. As we can see, the bulls are struggling to sustain pressure. It may resume a bearish impulsive move if the buying pressure halts.
However, if the bulls manage to push the market above last month’s high, we can expect a little shift in the market’s structure before surging higher. Inversely, a drop below $40 could as well trigger a fresh sell-off.
But if the monthly low holds well, the market is likely to bounce back with a double-bottom pattern. Ordi’s market structure may look bearish in the mid-term, but it is important to note that the trend is currently in favour of the bulls.
ORDI’s Key Level To Watch
Currently, the price is rising near the $44 resistance level. A weekly close above this level could fuel a quick surge to the $52 resistance. The higher resistance level to watch for a breakout is $60.
Now that the $35.9 level is held as close support, the lower level to keep in mind for drops is $31, followed by the recent monthly low of $25.8.
Key Resistance Levels: $44, $52, $60
Key Support Levels: $35.9, $31, $25.8
- Spot Price: $40.9
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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