ORDI Price Jumps 26%, Moving Closer to Breaking Descending Resistance
ORDI is the biggest gainer today with an increase of 26%. Can it break out from a major descending channel?
Key Takeaways
- ORDI surges 26%, leading today’s market gains.
- Still confined within a descending channel from March 6.
- Breakout above resistance could signal a bullish phase.
Today, ORDI stands out as the biggest gainer in the market, with a remarkable 26% surge. Despite this impressive rally, ORDI remains confined within the descending channel that has been shaping its price action since March 6.
The critical question now is whether ORDI can break above its descending resistance, a move that would signal the start of a potential bullish phase. All eyes are on this key level as traders watch for a decisive breakout.
ORDI Price Analysis
After its initial release, ORDI‘s price stabilized around $3.50 in October 2023 and began trending upward.
The price surged to a peak of $93 on January 2 but then saw a sharp 46% decline, dropping to $46 by January 25. Following this low, the price rose again but hit a double top on March 6, leading to a reversal.
A new downtrend emerged, with ORDI’s price falling to approximately $31 on May 1, marking a 67% decline from the March 6 high. After attempting to establish a new uptrend, the price was rejected at the descending resistance, leading to a lower low of $26.50 on July 5.
Although we saw a recovery, leading to a high of $42 on July 21, another downturn followed, resulting in a lower low of $20.80 on Aug. 5. Its next rise was made as yet another lower high of $36.60 on Aug. 24. Still, the subsequent retracement ended as a higher low on Sep. 2 which is a bullish sign in conjunction with the following 26% increase.
Yet ORDI’s price is still to make an interaction with the descending resistance, whose breakout might signal the onset of a new bullish phase. As the wave structure implies, we could have seen the end of a prolonged correction, making this a likely option.
ORDI Price Prediction
The hourly chart shows that the wave structure from Aug. 5 to 25 looks like a three-wave move. This came after an impulsive move to the downside, which could mean ORDI is still in a downtrend. In addition, today’s high is still low despite the strong momentum.
A breakout attempt might occur, but at this stage, the interaction with the descending resistance will likely end as a rejection, leading to one lower low. If this develops, ORDI could drop to the $19 area, potentially marking the completion of the prolonged correction since March 6.
Alternatively, if it does make a breakout above the descending resistance, leaving the Sep. 2 low as a higher one, we will have a higher low and a higher high to Aug. 25, signaling the start of an uptrend.
The price is still trending upward without any sign of struggle, so in the short term, more upside could be seen, but as the analysis suggests, it might be limited.
ORDI Price Finally Moves Above $50 Resistance Level – Can it Reach $100?
