Ordinals Price Prediction: Similar to many of its peers, Bitcoin Ordinals(ORDIs) experienced a robust recovery starting in late October. From a modest $3, the coin’s value surged to a remarkable peak of $14.74, marking an impressive 386% increase. This uptrend is underscored by the development of a rounding-bottom pattern, suggesting that the current recovery could be the precursor to a more extensive bullish trend.
Also Read: Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop
In the last three weeks, the ORDI coin price has witnessed parabolic growth, contributing to the formation of a bullish reversal pattern called a rounding bottom.
A significant portion of these gains occurred on September 7th, coinciding with the coin’s listing on Binance, the leading cryptocurrency exchange. The listing catalyzed a flood of buying activity, evidenced by an extraordinary 82% intraday gain.
Amidst this bullish wave, the ORDI price breached the notable resistance level of $10.58, now potentially establishing it as a support base for future price action. Despite a slight intraday retreat of 3%, the price’s ability to maintain above $10.58 could signal that the rounding bottom trajectory remains intact.
By the press time, the ORDI is valued at $21.4 and appears to be progressing toward the pattern’s median resistance at $29.5, suggesting a potential upside of 140%.
It’s important for traders to be mindful that after such dynamic rallies, a period of consolidation or pullback is typical. The vigorous ascent of ORDI could experience a brief correction phase, potentially retracing to support levels at $10.58 or even $9, which aligns with the 38.2% and 50% Fibonacci levels, respectively. Such a retracement could serve as a strategic juncture for the currency’s continued upward trajectory.
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