ORDI Price Rally Hits a Wall: 25% Fall Puts $30 Support to the Test

Key Takeaways

• ORDI price forms $3.50 support, uptrend begins.
• Peaked at $93 and dropped to $31, a new downtrend.
• Potential bullish phase if price exceeds $48.

Following a 75% rebound since July 5, ORDI’s recovery has reached a critical juncture.

Despite the surge in bullish momentum, the asset has yet to overcome its significant descending resistance— a crucial hurdle that must be cleared to signal the onset of a new bull phase.

As ORDI’s price now slips, the depth and location of its next support level will offer vital clues about the potential start of a sustained bull run. In this analysis, we’ll examine the key factors determining whether ORDI can break through the resistance and embark on a fresh uptrend.”

ORDI Price Analysis 

ORDI’s price journey has been marked by significant fluctuations since its initial release.

After stabilizing at a support level of $3.50 in October 2023, the asset embarked on an uptrend, ultimately reaching a peak of $93 on January 2. However, this was followed by a sharp 46% decline to $46 on Jan. 25.

Despite a subsequent rebound, ORDI’s  price formed a double top on March 6, triggering a reversal and the emergence of a new downtrend. This downtrend was characterized by a 67% drop to around $31 on May 1, followed by another failed attempt to establish an uptrend. The price was rejected at the descending resistance, resulting in a lower low of $26.50 on July 5.

Interestingly, this price action can be interpreted as a long-lasting correction, with a five-wave ABCDE pattern forming inside a triangle on the 4-hour chart. The Relative Strength Index (RSI) also reached oversold conditions, suggesting that a potential low was in place.

ORDI recovered by 75% to a high of $43 on July 20 but was rejected again at the descending resistance. The asset is now on a downward trajectory, and its next move will be crucial in determining the start of a new bull phase.

A higher low above the July 5 low could confirm the onset of a fresh uptrend, while a decline below $30 may indicate that ORDI is still stuck in its corrective stage.

ORDI Price Prediction 

Looking at the hourly chart, we can see that ORDI made a five-wave increase from July 5 to July 20, followed by an ABC retracement to the 0.786 Fiboanacci level, testing the $30 level. Although it bounced on Aug. 1, the bulls remain sidelined. 

If the buyers step in and drive the price past the descending resistance, that will signal the onset of a new bullish phase for ORDI. In that case, we could see a sustained increase in values above $50. 

However, if the downfall continues below $30, it would likely mean ORDI has one lower low to potentially $20 before the whole ABCDE correction from March ends, and a new bull phase could begin. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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