The ORDI price has fallen from its all-time high of $96.95 on March 5, as seen in the daily timeframe price action.
This decline reached a low of $31 on May 1, marking a 68% decrease from the all-time high.
A breakout from the triangle pattern on the daily chart occurred, surpassing the primary resistance trendline, and was accompanied by a notable bullish engulfing candle.
After weeks of consolidation, ORDI's price saw a bullish surge with multiple breakouts and increased momentum.
In June, a bullish revival occurred, with the breakout rally of the $ORDI token amounting to a 36% increase.
Breaking away from a 90-day pattern and the $50 horizontal resistance, the ORDI price exhibited further bullish movement.
The current bull run challenges the 50% Fibonacci level at $64, marked by a bullish engulfing candle.
A bullish breakout beyond the $65 mark could extend the upward trend, potentially surpassing the all-time high at $96.53 and reaching beyond $100.
According to Coingabbar analysis, Conversely, failure by bulls to close above the 50% Fibonacci level may result in a pullback towards $50.
KEY LEVELS :
RESISTANCE LEVEL : $70.00-$80.00
SUPPORT LEVEL : $52.00-$40.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgement, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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