Amidst market recovery, ORDI's bullish setup suggests a potential comeback. Trapped in a consolidation, ORDI eyes $85 resistance, with Fibonacci levels indicating a breakout could lead to gains exceeding $100. Technical indicators point to a bullish revival, with RSI crossing the halfway line and Bollinger Bands hinting at a reversal. ORDI's price currently stands at $66.3, poised for a potential surge in the coming month.
Altcoin Market Rebounds with ORDI Showing Bullish Promise
As the Bitcoin price stabilizes above $70,000, altcoins have emerged as significant gainers in the cryptocurrency market. Among these altcoins, ORDI has garnered attention for its promising technical setup, signaling a potential bullish comeback in the near term.
ORDI's price action has formed an ascending support trendline on the daily chart, indicating a gradual accumulation and buying pressure. Despite facing resistance at $85 in the past, the altcoin has consistently attempted to break above this level. Currently, ORDI is trading at $66.3 with an impressive intraday gain of 4.13%, forming a bullish engulfing candle. This price action has reversed the 5% drop witnessed on Wednesday, suggesting a resurgence in buying momentum.
Technical indicators further support the bullish outlook for ORDI. The Relative Strength Index (RSI) has surged past the 50 level, indicating a shift in momentum towards the positive. Bollinger Bands, which measure volatility, have maintained a downtrend, but the recent upward movement has led to the formation of a higher low. This suggests that the selling pressure may be waning.
A breakout above the critical resistance level of $85 could trigger a substantial rally for ORDI. With the altcoin already facing immense selling pressure at $85, a decisive move above this level could indicate a significant reversal and open up the possibility of a surge towards $100. Optimistically, the upward trend could extend to the 1.618 Fibonacci level at $132.
Several bullish catalysts contribute to ORDI's positive outlook. Firstly, the altcoin has benefited from the broader market rally, with Bitcoin approaching its previous all-time high of $75,000. Secondly, ORDI has witnessed a series of positive developments, including partnerships and integrations, which have strengthened its fundamentals.
Traders and investors who have been sidelined are eagerly anticipating a strong rally in ORDI, believing that the altcoin is positioned for further gains. With Bitcoin expected to surge towards $75,000 in the coming months, ORDI could potentially outperform the market and achieve a significant price appreciation.
While the cryptocurrency market remains volatile, ORDI's technical setup and positive market sentiment suggest a promising opportunity for investors. The altcoin's bullish momentum has the potential to propel ORDI to new highs, making it an attractive investment for those seeking long-term growth.
