Ordinals (ORDI), the first BRC-20 token developed on the Bitcoin Network, has recovered in the past two weeks.
Amidst the shift in the market dynamics and resurgence of Bitcoin price, ORDI price regained the bullish momentum and soared over 60% in the last two weeks.
The ORDI token price recently revived from its lower trendline support mark of $26 and took a U-turn from there. Traded inside a falling channel, the token seemed poised to break out its downward-sloping trendline hurdle soon.
The noteworthy recovery from the bottom signified the buyer accumulation and the fresh long additions in the token. Interestingly, a follow-on buying action with a volume surge conveyed the demand surge, which might fuel the potential upmove ahead.
It has climbed above the 20-day and 50-day EMA marks and attempted to crack the 100-day EMA mark. Once the major hurdle of $50, which was placed close to the 200-day EMA mark, breaches, a breakout rally can be seen ahead.
ORDI At Press Time
At press time, the ORDI was trading at $42.10 with an intraday surge of 16.31%, reflecting buying momentum on the chart. It has a monthly return ratio of 10.20% and 616.20% yearly, reflecting a short-term uptrend.
The pair of ORDI/BTC was at 0.000638 BTC, and the market cap was $884.90 Million. Analysts were bullish and suggested that the ORDI price may register a channel breakout and would cross the $50 mark soon.
Regarding the market cap, ORDI was ranked at 92 and has a total supply of 21 million.
ORDI Prepares For a Breakout
The daily chart of ORDI showed a ripple from its trendline support of $26 and regained bullish momentum this week. Notably, the renewed positive sentiment across the market fueled the recovery.
When writing, the ORDI token has completed its correction phase and was set for a major breakout. Buyers were preparing to lift the gains beyond the $50 and looking to escape the falling channel.
$ORDI – think we run this back hard.
BRCs was a familiar risk on vertical in the last run up and with the most important man in the world speaking at the Bitcoin conference next week, who knows what will happen.
Also BTC gud price + $ORDI 1D trend reclaim. What if? 🤔 pic.twitter.com/Ip4VU4Nznk
— Eugene Ng Ah Sio (@0xENAS) July 20, 2024
Its technicals looked robust; the RSI curve showed a sharp vertical upward move and reached the overbought zone. Similarly, the MACD indicator plotted the green bars and directed a bullish crossover.
Social Insights Showed a Dip
Amidst the significant price upmove, the weighted sentiment data remained flat and showed a down move on the chart. Still, the holders looked in a dilemma and were not confident in stretching the rebound ahead.
Notably, the social dominance data dropped to its lowest point in the region, around 0.02, and showed a dip. It signified the decline in the users’ chatter for the ORDI token, which might negatively impact it.
Meanwhile, the open interest data showed a rise of over 28.22% to $197.24 Million, showing a long buildup activity in the past 24 hours.
The immediate support levels for the ORDI token are $38 and $35.20, whereas the key upside hurdle is around $46, followed by $50
All In All
The ORDI token price climbed above the 20-day EMA mark and has reached the 100-day EMA mark. Its short-term trend is positive, and the token could breach its trendline hurdle of $50 and might register a channel breakout soon.