Can Heightened Sentiments Indicate A Bullish Reversal In ORDICan Heightened Sentiments Indicate A Bullish Reversal In ORDI
Meta Description: ORDI is making waves with its impressive performance after gaining over 28% a week.
ORDI crypto is up over 28% a week indicating a strong comeback by the buyers.
The transaction volume has grown by 130% to $160.92 Million a day.
ORDI is making waves with its impressive performance after gaining over 28% a week. The optimism in the broader market fueled the price recovery as a result ORDI has recovered over most of the losses in the earlier sessions of this month.
Despite the optimism in the short term, the investors are still not looking confident as the long term trend was maintained in a correction phase. At the time of writing, ORDI was trading close to $36.4 gaining nearly 2.11% a day.
Let's analyze where ORDI could lead from now. whether ORDI would continue to rise and head for a trend reversal or the bears may make a comeback and the price may suffer again.
ORDI Crypto Volume & Volatility Analysis
Moreover, with a weekly addition of nearly 28%, ORDI has outperformed the global crypto markets which has surged by nearly 8.60%. However, the while compared to its peers i.e. BRC-20 cryptocurrencies which are up over 31%, ORDI seems to be lagging.
The volume analysis highlights a heightened demand with 130% growth in the price. The intraday transaction volume was $160.92 Million. It has a live market capitalization of $764.28 Million and ranks 83rd in the crypto space.
Moreover, the volume to market capitalization ratio was 20.94% suggesting high volatility in the crypto. The circulating supply as well as the total supply is the same as that of Bitcoin i.e. 21 Million ORDI tokens.
Can ORDI Mark The End Of A Correction Or Suffer More?
The daily chart highlights bullish waves in the short term indicating the buyers comeback. However, the price was observed to be in a long term correction phase suffering rejection from a trendline resistance.
Moreover, the short term sentiment has shifted towards a bullish side which has propelled the price towards a bullish breakout. The community sentiment indicator by coinmarketcap.com suggests 73% bullishness and 27% bearishness at the moment adding confirmation to a positive trend.
From a technical point of view, ORDI has surpassed the 20 and 50 day EMS suggesting a bullish outlook in the short term. However, the price lags 12% from the 200 day EMA suggesting a bearish trend in the long term.
Now, if the price continues to rise with mentum and manages to surpass the $42 level, it may validate a bullish reversal in the long term. On the contrary, if the price suffers rejection from the trendline resistance it may invite sellers and the price may fall back to test the $25 support.
ORDI has surged over 28% in a week, recovering from earlier losses. The crypto has outperformed the global crypto markets however lagged in compared to its peers. Despite short-term optimism, long-term investor confidence remains low as ORDI is still in a correction phase. Moreover, the volume analysis shows a 130% growth, with a market cap of $764.28 million.
The daily chart indicates a bullish short-term trend, but long-term resistance persists. ORDI has surpassed the 20 and 50-day EMAs, suggesting short-term bullishness, but lags 12% behind the 200-day EMA. A rise above $42 could confirm a long-term bullish reversal, while rejection may lead to a drop to $25.
