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ORDI Pushing For 20% Daily Candle: Will Ordinals Run Again and Has ORDI BRC-20 Token Bottomed?

ORDI Pushing For 20% Daily Candle: Will Ordinals Run Again and Has ORDI BRC-20 Token Bottomed?

99bitcoins99bitcoins2024/09/03 09:54
By:petartSam Cooling

ORDI Pushing For 20% Daily Candle: Will Ordinals Run Again and Has ORDI BRC-20 Token Bottomed? image 0

When we approach trading with real money, we should always go forward with caution! In this article, we will go over  Technical Analysis , which, in short, analyses the price and volume of a certain asset (in our case, a coin with the ticker ORDI) over a certain period of time in history.

We will look for indicators of strength or weakness on the charts and attempt to give an ORDI Coin price prediction. Based on what we see we can make suggestions of what we expect to see happen in the near or distant future.

Without further ado, let’s first see what Ordinals is about—or do a bit of  Fundamental Analysis , or in other words, consider why the asset or coin we are looking at can be of value.

$ORDI Macro update

No changes, just more consolidation within the Bull Flag
My expectations have not changed. More upside is coming 📈

🎯 Macro Target 1 – $240
🎯 Macro Target 2 – $690 (Bull Market Top) #ORDI Macro Distribution Zone : $240-690 🏁 https://t.co/y0uVFY3teZ pic.twitter.com/nPCnGNYMhE

— CryptoBullet (@CryptoBullet1) August 29, 2024

What is ORDI? Diving into The First Ordinals Coin on BRC-20

Essentially, ORDI is a BRC-20 meme coin (named after the ERC-20 standard for coins released on the Ethereum Blockchain).

What is special about it is that it’s the first coin launched on the Bitcoin blockchain. It was an experiment by @domodata on X (formerly Twitter) and a few other devs in an attempt to bring more functions and fungibility/functionality to the Bitcoin network.

You can watch a short video about it here .

The ORDI coin has nothing to do with the Ordinals Protocol for inscribing satoshis—for the people familiar with Runes, NFTs on BTC, etc.

Then what could drive the price of this meme coin up? The price of Bitcoin is going up (if we look at the price history, we could see some correlation in the moves), and it’s mostly hype, speculation, and popularity based on the fact that it’s the first altcoin built on the blockchain of the King—as some call BTC.

There may also be confusion as new people come into the crypto space. It is difficult to separate the two projects, and people might think that one gives value to the other.

DISCOVER: How to Buy Bitcoin Anonymously Without an ID – 2024 No KYC Guide

ORDI Price Analysis: How Is ORDI Coin Technical Structure Shaping Up?

ORDI Pushing For 20% Daily Candle: Will Ordinals Run Again and Has ORDI BRC-20 Token Bottomed? image 1

( ORDIUSDT )

Above, we have the daily ORDI chart. I’ll break down my drawings, and then we’ll add more indicators to the chart. On the left side, we can see a small green number 1. That is where we take our lowest blue line, which I consider a support level.

Why a support level? It was the price area where ORDI found some selling pressure, but it broke out and continued climbing higher.

The upper blue lines are also areas of interest because we can see the price bounce off of them multiple times—this indicates that buyers and sellers are interested in that area.

I’ve circled this wick (a tiny line below the candle’s body). I have an arrow pointing toward the volume profile, where we can see that many volumes came in that day.

This, we can guess, means that besides the sellers, there were also buyers who absorbed the selling and thought ORDI was a great buy at that price.

Soon after, we see the price back above the bottom blue line.

The purple graph with the pink lines (above the Volume Profile) is the RSI (Relative Strength Index) levels.

We can see a hidden bullish divergence, which also indicates strength. Our pink lines follow the RSI levels compared to the price levels above at the same exact points.

ORDI Pushing For 20% Daily Candle: Will Ordinals Run Again and Has ORDI BRC-20 Token Bottomed? image 2

( ORDIUSDT )

We continue our analysis and look for confluence. On this second chart I’ve added FRVP (Fixed Range Volume Profile) which looks at what price point we had money coming in our out and the red line indicating the highest interest is called our Point Of Control, or POC.

Our POC aligns with the range of interests I mentioned above. Now, let’s add one more indicator to the picture:

ORDI Pushing For 20% Daily Candle: Will Ordinals Run Again and Has ORDI BRC-20 Token Bottomed? image 3

( ORDIUSDT )

On this third and last chart, I’ve added the Fibonacci levels from the start of the price run to the top. We bounced perfectly off of the 0.786 level (left side of the chart), which is really the last point of support, and it makes sense why the price then was of interest to buyers.

A bit higher, see the 0.618 level, which is another key Fibonacci level and aligns with our POC area of interest.

Based on the analysis above, we can make an educated guess about how the price will develop—my green squiggles on the right.

  1. We can expect the price to get to our area of interest and get rejected.
  2. We can expect the price to enter the area of interest, the range for a while, and break above the 0.5 Fib level.
  3. Or do the same but break down again.

The candle we see today indicates strength, which makes me think we will push more and enter the area of interest. However, we must remember that the market structure is still in a downtrend (lower highs and lower lows).

We really want to see a higher high and then a higher low form, from which the price continues to climb. That would be our safest entry if we were to trade this coin.

Always manage your risk and protect your money. If you don’t have your money, you will find a new master.

EXPLORE:  8 Methods to Buy Bitcoin With PayPal Instantly in 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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