ORDI Listing on Coinbase Futures Sees Bullish Signal for Price with $100 in Sights
Will ORDI Price Hit $100? | Credit: Getty Images
Key Takeaways
- Coinbase announced the listing of ORDI futures starting on April 11.
- The ORDI price trades in a long-term ascending triangle pattern.
- When can ORDI finally break out from this bullish pattern?
ORDI is the first token deployed in the BRC-20 ecosystem. It is the largest based on its market capitalization, ranking #69 with a market cap of $1.57 billion.
The ORDI price has consolidated for most of 2024 but began an upward movement last week, spurred by a positive Coinbase announcement. Is this the rally that finally takes the ORDI price above $100?
Institutions Taking Note of Ordinals
On April 3, Franklin Templeton published a report on the state of the Bitcoin ecosystem..It noted positive innovation driven through Bitcoin Non-Fungible Tokens (NFTs) known as Ordinals, the BRC-20 token standard and Runes.
Runes are fungible tokens set to launch after Bitcoin’s halving, providing the ability to etch, create, and exchange Bitcoin-based digital assets within transactions. It intends to be a more efficient standard relative to BRC-20. The best-known project is RSIC.
@CoinbaseIntExch will add support for Ordinals and Worldcoin perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our ORDI-PERP and WLD-PERP markets will begin on or after 9:30am UTC on 11 APR 2024. pic.twitter.com/GYHPBTGBJG
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 4, 2024
Coinbase also announced that it will add ORDI futures starting on April 11. The ORDI price was subject to a rapid rise in the end of 2023, increasing by more than 1,200%. However, it has fallen in 2024, failing to approach its previous highs.
ORDI Price Prediction: Breakout Above $100?
The daily time frame gives a decisive bullish outlook for ORDI. This is because of the price action, wave count and indicator readings.
Firstly, the price action shows that ORDI has traded inside an ascending triangle since the start of the year. The ascending triangle is considered a bullish pattern. More recently, the ORDI price bounced at the triangle’s support trend line on April 3. Its resistance is at $83 and has not been reached since March.
Secondly, the wave count shows two completed five-wave upward movements (white) and ensuing A-B-C corrections (black). If accurate, this could lead to the acceleration of the upward movement and another, sharper five-wave increase.
A breakout that travels the entire triangle’s height can lead to a high of $125.
Finally, the MACD and RSI both support this bullish prediction. The indicators have generated bullish divergences at the most recent ORDI price bounce. This is the first time in ORDI’s price history that such a double bullish divergence has occurred.
ORDI Primed for Trend Continuation
The ORDI price has been consolidating for the entirety of 2024, but that trend could come to an end soon. Due to its price action, wave count, and indicator readings, ORDI is poised for a significant price breakout that takes it well above $100. Coinbase’s announcement about listing ORDI futures is another positive development that is aiding its momentum.
Bitcoin Price Sparked Record Ordinals Trading Volume—A Renaissance for BTC NFTs?
