In January 2024, Ordinals (ORDI), a BRC20 token, witnessed a sharp correction, with its price falling from $91.8 to $48.3. This 48.8% decline breaks below the 20-and-50-day EMA and nearly tests 50% Fibonacci retracement.
However, the daily time frame shows this correction is developing into a bullish flag pattern- a temporary pullback for buyers to replenish the exhausted bullish moment. this correction. As this prepares the next recovery leap in the near future, check out our ORDI price prediction to find out if the altcoin will surpass $100.
Source – Tradingview
The Q4 of 2023 was extremely bullish on ORDI price, as it witnessed a rally from $3.04 to a new all-time high of $91.88. Thus, registering over 2900% growth. Amid this rally, this altcoin also surpassed the $1 Billion market cap milestone and got listed on Binance.
However, as a natural phase of the trend cycle, the ORDI price entered a correction phase in January to recuperate the exhausted bullish momentum. The daily chart shows that this retracement strictly resonates between two downsloping trendlines. Hence, the price action constructs a continuation pattern called ‘Flag.’
Technical indicators:
RSI Indicator: The daily RSI line shows a sharp spike to reach the halfway line, reflecting the bearish sentiment diminishing in this asset.
EMA Indicator: The ORDI price trading above 100-and-200 days indicates the long-term remains bullish.
Is ORDI Price Ready for New All-Time High?
By press time, the ORDI price trades at the $61.8 mark with an intraday gain of 3.5%. Amid the renewed buying interest in the crypto market, this uptick teases a bullish breakout from the upper boundary of the Flag pattern.
Therefore, a successful breakout with a daily candle closing will accelerate the bullish momentum. In such a case, buyers can target $91.8, followed by an extended rally to $135.
Conversely, if the ORDI price witnesses a surge in supply pressure, the ongoing correction will be prolonged.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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