Since the start of the drop in March, Ordi has lost more than 70% of its value to a ten-month low. Although it has regained strength briefly from this low, it has continued to trade inside a descending wedge.
After nearly touching $100 in the first quarter of the year, Ordi declined heavily to a low of $20.7 earlier this month. It bounced off this low and is now trading well above the $31 level, looking strong on the week.
It aims to retest a minor resistance level that broke down as support in the recent dip. A significant surge through this resistance could lead to a break above July’s high. Such a move should hint at a possible market character change if demand strengthens.
In the opposite direction, a rejection from this resistance could trigger another sell-off capable of plunging the price to around $10 and beyond.
As seen on the daily chart, the price is still respecting the falling wedge, although the bearish correction might end soon as trading gradually reaches a tight angle on the wedge. A breakout should be expected!
Ordi will continue to follow a bearish momentum as long as this wedge remains intact. A bullish break should be expected for this classical wedge pattern.
ORDI’s Key Level To Watch
Source: Tradingview
If Ordi flips through the minor $33.55 resistance to retake July’s $43.3 high, located above the wedge, the next resistance to keep in mind is $52, followed by a major resistance of $66 – marked as June’s high.
The weekly $27 and $20.7 levels are currently acting as support. If they fail to contain pressure, $15 and $10 would be the next supports to consider in the next dip.
Key Resistance Levels: $33.55, $43.3, $52
Key Support Levels: $20.7, $15, $10
- Spot Price: $31.2
- Trend: Bearish
- Volatility: Low
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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Image Source: nijieimu/123RF // Image Effects by Colorcinch
