As Bitcoin experiences another intraday spike in supply, so do the altcoins and the close cousins of Bitcoin. Amidst such conditions, the ORDI price trend shows a likelihood of a bullish turnaround after days of correction.
With a shift in the underlying sentiments, the altcoin stands at a pivotal stage with a great risk-to-reward entry opportunity. Will the altcoin reach $100 this year? Find out more in our ORDI price prediction.
Double Bottom At $43 Offers Bullish Reversal
With a constant struggle to reach the $100 psychological milestone, the ORDI price takes multiple dips to the $43 support zone. In the recent correction, the drop to $43 fails to exceed the $52 mark, resulting in another drop to the demand zone.
However, the lower price rejection from $43 avoids further correction and teases a double-bottom reversal. Moreover, the buyers maintain a stronghold at the 50% Fibonacci level, increasing the possibility of an uptrend.
Currently, the ORDI price trades at $40 as it stagnates near the demand zone. With a buy-the-dip opportunity arising at lower levels, the sideline traders await an uptick confirmation.
Technical indicators:
RSI Indicator: The daily RSI line sustains above the oversold zone and reflects a surge in bullish divergence.
MACD: The declining trend in the MACD and signal lines dive deeper into the negative territory.
Will ORDI Price Top $100?
With the growing chances of reversal, the ORDI 0price is ready to spring from the 50% Fibonacci level and prepare a bounce back to $80. Further, with the growing anticipation of a bullish comeback in Bitcoin, the altcoin could soon surge to the $100 psychological mark.
Conversely, a dip under the $40 demand zone could drop the prices to the $33 or $22 support levels.
The post appeared first on Coinpedia
