Market Analysis

ORDINAL PROTOCOL PRICE ANALYSIS & PREDICTION (February 16) –  ORDI Faces Rejection After A Retests, Can It Push Higher?

After ending a bearish correction last month, Ordi showed strong signs of strength and increased to its highest price level in a month. It saw a rejection and paused buying. An explosion is expected once the price increases above January’s high.

Last month, Ordi had a bearish stopover at $48 after witnessing a serious reduction for three weeks. The price increased for a week and rolled back near $50. It picked up again and surged through the $65 level to a daily high of $72.

This came as a retest of last month’s breakdown. It encountered resistance and dropped briefly over the past hours. Buying pressure is likely to resume shortly. If the price pulls back, the recently surged level could act as support for a rebound. 

While the $60 level currently serves as weekly support for Ordi, a drop below it could trigger more pullbacks. A dip below last month’s low would bring the bears back into the market.

But as it stands now, the bulls are much in control as they look poise to tap more gains. A full recovery above last month’s high should activate the market for a huge price movement.

It is important to note that Ordi remains bullish regardless of the latest market sentiment. The price is still up by more than 1000% since last October.

ORDI Key Level To Watch

Source: Tradingview

The $73 level is currently acting as weekly resistance. If the price increases above it, the potential resistance to keep in mind is $79.5, followed by $91.9. The $100 level is the next resistance to watch once the price breaks out.

Ordi’s pullback level lies at $65. If the price drops below this level, it may encounter a minor support at $58 before testing a major support of $48.8. Below it lies the $40.3. 

Key Resistance Levels: $79.5, $91.9, $100

Key Support Levels: $65, $48.8, $40.3

  • Spot Price: $70
  • 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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Image Source: stori/123RF // Image Effects by Colorcinch

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