Is ORDI Going to Crash? ORDI Price Drops 20% in a Week as New Bitcoin Protocol Goes Viral
The ORDI token, a leading BRC-20 token closely tied to Bitcoin’s performance, has experienced a significant 20% price drop in the wake of the Grayscale sell-off.
This decline is part of a broader price decline affecting BRC-20 tokens, raising questions about potential further decreases.
$ORDI price needs to break $48 level to suggest that wave 1 has formed a top.
It could be reasonable to look for entry points in the support area's. But always scale in, start with low amounts and invest more when it goes lower. pic.twitter.com/soG95d48tI
— Man of Bitcoin (@Manofbitcoin) January 23, 2024
Trader sentiment remains mixed, as ORDI price continues battle support – leaving investors patiently waiting on the side-lines awaiting a decisive move.
Amid the BRC-20 wide retracement, ORDI is currently trading at a market price of $57.44 (representing a 24-hour change of +6.28%).
This comes amid a major retracement from an all-time high at $92.25 on January 2, which has so far seen ORDI token bleed-out -38%.
Yet, a well-defended historic support level at $52.20 suggests that price action could be pushing towards an attempted push-up back above a now descendant 20DMA (stood at $65).
Lower support is afforded by the bottom of the trading channel down at $40 in the event of a breakdown move.
However, in a positive sign, the RSI indicator has cooled-off significantly amid the retracement move, with a current bullish signal at 43.26 – suggesting ORDI price is now oversold and due to move up soon.
However, amid the stalled rally momentum, the MACD conflicts this signal at a bearish -1.6.
Overall, ORDI price analysis reveals the importance of the ongoing consolidation above $52, with the RSI calling for a bounce, the 20DMA denominates a clear level to
Read more on cryptonews.com
