Is ORDI Token Crashing? ORDI Price Drops 30% as New Bitcoin Protocol Raises $9.1 Million

cryptonews.com:

Leading BRC-20 ordinal, the ORDI token, experienced a significant -30% price drop due to the Grayscale sell-off. But, can ORDI price analysis determine if ORDI is truly crashing?

The ORDI token, a major BRC-20 Bitcoin beta play, has suffered a decline amidst a sell-off of GBTC shares fueled by FTX, sending shockwaves through the crypto markets.

$ORDI 30m.

– if btc won't dump again, this coin will pump to 65-70 area first.#ordi #ORDI pic.twitter.com/Qxj4IyVLRr

— Nihilus (@nihilus_XBT) January 24, 2024

Yet, with ORDI price action closely tied to Bitcoin price moves, trader sentiment is suggesting that ORDI token and other BRC-20 plays could undertake a significant bounce if Bitcoin price recovers from the dip.

With top BRC-20 ORDI battling retracement, ORDI is currently trading at a market price of $54.39 (representing a 24-hour change of -1.31%).

This comes as ORDI price breaks away form the steadfast support of the 20DMA (sat at $69.33) which has formed a key support level for much of the past two-months of price action.

Now, sat at a -20.70% below the 20DMA, ORDI price is attempting to consolidate at historic support above the $52.25 price level.

However, in an increasingly bullish move for BRC-20 plays, the RSI indicator has shifted to strong bullish divergence at 36.66, with ORDI price considered to be oversold at current price levels.

This is contrasted by the MACD which spotlights stalling momentum at -2.715.

Overall, ORDI appears to be due for a bounce here once consolidation has confirmed a foothold at this historical support level, with the RSI signalling the capacity for a significant leg-up alongside Bitcoin.

This leaves ORDI with an upside price target at $69.33 (a possible +29.18%).

While ORDI token could see a downside