Market Analysis

ORDINAL PROTOCOL PRICE ANALYSIS & PREDICTION (May 12) – Ordi Remains Weak, Still Finding A Key Solid Level

Ordi is still following a negative sentiment due to recent bearish market behaviour. While searching for a solid support level, it has shed roughly 53% loss so far, occupying the top losers’ spot on a weekly scale.

The past two months have been an ugly moment for Ordi as it continued to witness back-to-back losses due to major corrections across the crypto space lately.

Last week, it found support above the $30 level and bounced for three days but quickly lost buzz due to a sudden price rejection. It initiated drops again and declined consistently to where it changed hands at $36. 

Currently, the bears are aiming to retake the last week’s support. If they do, the asset could see more crackdowns, providing discounts near last November’s low before footing a fresh buy from a technical standpoint. 

Inversely, if the bulls react strongly to defend the previous support well, we may see a strong rebound capable of bringing the bulls back into the market. However, some cryptos have started to gain strength again.

Considering the circulation supply and the current market cap valuation, Ordi remains one of the promising mid-cap tokens to pay attention to for long-term gain. As of now, it is still positioned in a downward range, yet to find a base support for a shift.

ORDI’s Key Level To Watch

Source: Tradingview

Now that the price is slowly rolling back to last week’s $31 support, a dip below it could slide the price to $27.82 and $21.7. The lower support level to consider for drops is $19 in case of more drops.

The $42.7 level is currently held as resistance. If the bulls push back to reclaim this level, the next resistance to watch for a reversal would be $52, followed by $60 and $66 in the short term.

Key Resistance Levels: $42.7, $52, $66

Key Support Levels: $27.82, $21.7, $19

  • Spot Price: $36
  • 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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Image Source: Irochka/123RF // Image Effects by Colorcinch

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