Leading BRC-20 ordinal token ORDI has seen a sudden ORDI price drop in the midst of a hard fought consolidation, leading some panicked holders to ask ‘is ORDI price going to zero?’ – find out in this ORDI price analysis.
The volatile consolidation comes as ORDI price reels from a new all-time high hit on January 2 at $92.22.
$ORDI H4 Strong move coming soon, probably during US session. $100 still my target https://t.co/tkQrkab6vh pic.twitter.com/IpJcVNwZjO
— BoredRekt (@boredrekt) January 15, 2024
Yet, despite heightened fear amongst holders, traders on crypto Twitter remain remarkably bullish – with anticipation growing for an upside break soon.
ORDI Price Analysis: Is Top Ordinal ORDI Due to Breakout or Set to Go to Zero?
As ORDI price battles to consolidate above the 20DMA, ORDI is currently trading at a market price of $74.28 (representing a 24-hour change of +4.9%).
The fight for consolidation comes amid a -31% ORDI price retracement from the all-time high at $92.22.
ORDI bulls have now been attempting to establish support above the ascendant 20DMA (stood at $73.77) for 10-days since January 5.
So far, support has been well-defended despite volatile drops that have seen ORDI price diverge as much as -9.99% below the 20DMA support.
A break-away below the 20DMA could be devastating for ORDI price action, as this key moving average has provided supportive structure to ORDI price action since December 2.
ORDI price analysis reveals lower support levels are available at $61.79 and $52.20, suggesting a complete collapse is unlikely for the top ordinal.
In a positive move, the RSI has cooled-off significantly amid the retracement move, to a current minor bearish divergence signal at 56.48 – providing ORDI price with the capacity to push-up once again.
While the MACD reflects greater bearish divergence, currently stood at -1.162, in a sign of sluggish momentum for ORDI price.
Overall, ORDI price analysis paints a turbulent image of a tough consolidation above an aggressively ascendant moving average, yet, with capacity now available to push-up – ORDI price will likely be dominated by Bitcoin’s next move alongside other ordinals.
This leaves ORDI with an upside target at $83.5 (a possible +11.45%).
As for downside risk, a local tumble could see ORDI price drop to $61.79 (a possible -17.53%).
Respondent ORDI risk: reward ratio currently reads at 0.65 – a bad entry, dominated by downside risk – but certainly not going to zero.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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