ORDI Cryptocurrency Surges 30.75% in 24 Hours: Bitcoin Connection and Price Analysis
Crypto News – ORDI (ORDI), the BRC-20 cryptocurrency associated with Bitcoin Ordinals, has seen a remarkable surge of 30.75% in the past 24 hours. On November 3rd, ORDI was trading at $32.35, but it has since surged to $42.27.
Similar to BTC, ORDI’s impressive price increase can be attributed to its close ties with Bitcoin (BTC). Notably, BTC reached a new yearly high during the same period when ORDI crossed the $42 mark.
As previously mentioned, ORDI is a fungible token that operates on the Bitcoin blockchain through the Ordinals protocol. This unique feature allows for the inclusion of text, images, audio, and other content on the Bitcoin network.
Among the various BRC-20 tokens, ORDI boasts the highest market capitalization, making it a robust player in its category. Consequently, its correlation with Bitcoin is more pronounced and impactful than that of other tokens.
As of the time of writing, the 4-hour ORDI/USD chart clearly indicates a bullish trend, with buyers firmly in control. The strong demand for ORDI has resulted in an unexpected reading on the Relative Strength Index (RSI).
However, it’s essential to note that the RSI currently stands at 93.84, indicating an overbought condition. This suggests a potential retracement in ORDI’s price.
In the event of a price decline, it is unlikely that ORDI will drop below the $31.83 level, as significant demand has formed a support base in this range. Moreover, if selling pressure intensifies and breaches the $31.83 support, there is another support level at $23.61 that could come into play to support the bulls.
Additionally, it’s imperative for traders to closely monitor Bitcoin’s movement before taking a stance on ORDI’s likely direction. If Bitcoin continues its upward trajectory towards $42,000, ORDI’s overbought condition may become less significant, potentially driving its price to new highs.
Indications from the Directional Movement Index (DMI) reveal that buyers are currently steering ORDI’s movement, with the +DMI (green) at 57.12, compared to the -DMI (red) at 2.11.
An examination of the Average Directional Index (ADX) also confirms the strong uptrend in ORDI, with an ADX reading of 61.56. This suggests that significant selling pressure would be required to cause a substantial decline in the token’s value.
In conclusion, while a significant plunge in ORDI’s price seems unlikely, it’s important to understand that the upward trajectory may not continue indefinitely without interruptions.
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