Ordi’s market structure remains bearish on the monthly scale as it keeps trading in a descending wedge. However, the trading landscape is changing daily following a recent weekly surge from $26.
After recovering briefly from August’s low, Ordi encountered resistance and initiated a drop again with a strong monthly bearish close. That led to an uglier scenario on the first day of this month but the bulls intercepted the drops and pushed the price back with a bullish engulfing close yesterday.
They reiterated actions today and tapped a week high. While the current buying volume appears low compared to yesterday, Ordi’s bias remains bullish on the daily chart due to the weekly fresh positive start.
From a technical standpoint, the bulls are trying to step back following a small rise in demand, although there’s no major buying to determine a potential shift in the trend. It must break above the descending wedge to confirm a shift.
Meanwhile, Ordi has failed to extend bearish to the lower boundary of the wedge in the last leg down, indicating low supply. It has managed to stay well above the $20 level – current threshold support from the mid-term outlook.
If this threshold support continues to hold, Ordi’s price may break out of the eight-month descending wedge to signal a new bullish rally. The broader market outlook remains bearish on the daily chart.
ORDI’s Key Level To Watch
Source: Tradingview
For further surge, the $37 level is the primary resistance to watch for a wedge breakout before testing the $43.3 and $52 resistance levels.
Yesterday’s $26 surge level is now considered as daily support. Below it lies a month’s support of $20.7. A collapse through these levels could tank the price to $15 and $10, located at the wedge’s lower boundary.
Key Resistance Levels: $37, $43.3, $52
Key Support Levels: $26, $20.7, $15
- Spot Price: $32
- 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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