Can Heightened Sentiments Trigger A Bullish Reversal In ORDI

ORDI price is making waves with its impressive performance after gaining over 28% a week. The optimism in the broader market fueled the price recovery. As a result, ORDI has recovered most of the losses in the earlier sessions of this month.

Despite the optimism in the short term, the investors are not confident as the long-term trend was maintained in a correction phase. When writing, ORDI was trading close to $36.4, gaining nearly 2.11% a day.

Let’s analyze where ORDI could lead from now. Would ORDI continue to rise and head for a trend reversal, or would the bears bounce back, and the price may suffer again?

ORDI Price & Volatility Analysis

Moreover, with a weekly addition of nearly 28%, ORDI has outperformed the global crypto markets, surging by nearly 8.60%. However, compared to its peers, i.e., BRC-20 cryptocurrencies, which are up over 31%, ORDI seems to be lagging.

The volume analysis highlights a heightened demand with 130% growth in the price. The intraday transaction volume was $160.92 Million. It has a live market capitalization of $764.28 Million and ranks 83rd in the crypto space.

Moreover, the volume-to-market capitalization ratio was 20.94%, suggesting high volatility in the crypto. The circulating and total supply has been the same as that of Bitcoin, i.e., 21 Million ORDI tokens.

Can ORDI Price Mark The End Of A Correction Or Suffer More?

The daily chart highlights bullish waves in the short term, indicating the buyers’ comeback. However, the price was observed to be in a long-term correction phase, suffering rejection from trendline resistance.

Moreover, the short-term sentiment has shifted towards a bullish side, propelling the price towards a bullish breakout. The community sentiment indicator by CoinMarketCap suggested 73% bullishness and 27% bearishness, confirming a positive trend.

From a technical point of view, the ORDI price has surpassed the 20 and 50-day EMS. It suggested a bullish outlook in the short term. However, the price lags 12% from the 200-day EMA, suggesting a bearish trend in the long term.

Now, suppose the price continues to rise with mentum and manages to surpass the $42 level. It may validate a bullish reversal in the long term.

On the contrary, if the price suffers rejection from the trendline resistance, it may invite sellers. Also, the price may fall back to test the $25 support.

ORDI has surged over 28% in a week, recovering from earlier losses. The crypto has outperformed the global crypto markets but lagged compared to its peers.

Despite short-term optimism, long-term investor confidence remains low as ORDI is still in a correction phase. Moreover, the volume analysis shows a 130% growth, with a market cap of $764.28 million.

The daily chart indicates a bullish short-term trend, but long-term resistance persists. ORDI has surpassed the 20 and 50-day EMAs, suggesting short-term bullishness, but lags 12% behind the 200-day EMA.

A rise above $42 could confirm a long-term bullish reversal, while rejection may lead to a drop to $25.

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