What’s been happening with Ordinals (ORDI) lately? Well, in January 2024, this BRC20 token experienced a dramatic price correction, plummeting from $91.8 to $48.3. This 48.8% decline was a significant drop, breaching the 20-and-50-day EMA and almost touching the 50% Fibonacci retracement.
However, the daily time frame tells a different story, as it reveals that this correction is developing into a bullish flag pattern. This pattern is often seen as a temporary pullback, signaling an opportunity for buyers to regain momentum. This could set the stage for the next price surge. Check out our ORDI price prediction to see if the altcoin will surpass $100.
Source – Tradingview
The fourth quarter of 2023 was an exciting time for ORDI, with the price rallying from $3.04 to a new all-time high of $91.88, marking a staggering 2900% growth. The altcoin also hit a major milestone by surpassing the $1 billion market cap and gaining a listing on Binance.
Despite this impressive performance, the ORDI price experienced a natural correction in January, as observed on the daily chart with a retracement between two downsloping trendlines, creating a continuation pattern called ‘Flag.’
Let’s look at some technical indicators:
RSI Indicator: The daily RSI line indicates a decreasing bearish sentiment.
EMA Indicator: The ORDI price trading above 100-and-200 days signals a bullish long-term outlook.
What does the future hold for ORDI’s price?
Currently, the ORDI price is at $61.8 with a 3.5% intraday gain. With renewed interest in the crypto market, a bullish breakout from the upper boundary of the Flag pattern seems imminent. If this happens, we could see a surge to $91.8, followed by a potential rally to $135.
On the flip side, increased selling pressure could lengthen the ongoing correction.
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.