With Bitcoin Halving days away, the BRC-20 tokens category has started to display increased price volatility in their respective charts, indicating a rise in the price action for these tokens in the crypto market.
The ORDI price displayed a significant jump of 221.65% after displaying a neutral trend for a period, following which the price traded sideways. After multiple failed attempts, the bulls regained momentum and jumped 48% before facing rejection above the resistance level of $73175.
After displaying a neutral trend, the bulls lost momentum and recorded a correction of 30.75% in valuation. As the volatility in the market grew, the bulls successfully broke out of the resistance level. Since then, the ORDI price has been trading in a consolidated range between $62.310 and $84.500.
Positively, the Cross EMA 50/200-day acts as a support to the price chart, highlighting a strong potential for bullish price action during the upcoming weeks.
The Moving Average Convergence Divergence (MACD) shows a constant green histogram, highlighting a strong buying-over-selling pressure in the crypto market. Further, the averages display a rising pattern, suggesting a bullish outlook for the altcoin during the coming time.
Will ORDI Price Go Up?
If the Ordi price holds its price above the support level of $73.175, the bulls will continue to gain momentum and rise to test its resistance level of $84.50. Moreover, if the bulls continue to dominate the market, it will prepare to test its upper resistance level of $100 this month.
Negatively, if the bears overpowered the bulls, the price would start trading under a bearish influence and fall to test its support level of $62.310. Furthermore, if the bulls fail to regain momentum, the price will continue to bleed and fall to test its low of $50.675 during the upcoming weeks.
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