fxs_header_sponsor_anchor

Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally

  • ORDI price breached the $60 level over the past day, bringing its value to $62.
  • ORDI's bullishness has been wavering over the past few trading sessions on a short-term scale.
  • Once Bitcoin's bull run stops, selling may become rampant as investors capitalize on ORDI's 1,104% rally.

The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status. ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly. But not for long

ORDI price might see a correction

ORDI price rally first made headlines back at the beginning of November when the Bitcoin-based meme coin was mistaken as the native token of Ordinals protocol. While this was corrected soon after, the altcoin did not.

Since then, ORDI has witnessed stellar growth, rising by more than 1,104% to trade at $62 at the time of writing. However, some of this could be reversed as the bullish momentum wavers slightly. The Moving Average Convergence Divergence (MACD) indicator exhibited a little potential slowdown in the bullish momentum.

If this is true, ORDI might have just witnessed the peak of its price rise, marking fresh all-time highs of $63.4. From here on, the journey will likely be towards the downside. 

ORDI/USD 1-day chart

ORDI price would likely find some support at $60 when investors recognize the saturation and sell to book profits. Right now, the meme coin is following Bitcoin's price action, which means that sooner or later, when BTC's rally halts, ORDI will also likely stop rising, which will induce further selling to confirm gains by investors.

This could send ORDI price tumbling towards $55 and potentially even $50.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.