Ordinal Protocol, ORDI is down by more than 70% in the last four weeks. It recently found support and recovered briefly but seems to be losing steam again after facing rejection. A fresh crackdown lurks around the corner.
After witnessing several drops since the start of the year, ORDI took a break on Thursday and suspended bearish at around $50. The price increased the following day to a high of $60 yesterday with a slight rejection.
It struggled to push above that high today and the price starts to draw back slowly. The price currently faces a crucial support level of $48.8, marked as a weekly low on the daily chart. A drop below this support could facilitate a massive dump to last November’s high.
If the support holds, the price may bounce back towards the $70 before sliding back. But right now, the bears have not given up on the rally.
However, it is important to note that ORDI remains in a downward range on the daily chart. More drops can be expected if the price slips off the monthly low. Inversely, the monthly high marks a crucial resistance level for a breakup.
ORDI Key Level To Watch
Source: Tradingview
In the middle of the drop, ORDI is approaching an important $48.8 support. A drop below this support may advance selling to $40.3 and later to $27.82. $10 is the next level to watch if the price continues to fall.
Above yesterday’s rejected high of $60, the immediate resistance is located at $63. If the price keeps increasing, the higher resistance levels to keep in mind are $79.5 and $91.9. A break above that level could trigger a fresh move on the daily scale.
Key Resistance Levels: $63, $79.5, $91.9
Key Support Levels: $48.8, $40.3, $27.82
- Spot Price: $53.6
- Trend: Bearish
- 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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