ORDI price action indicates a bullish trend reversal after a significant pullback to $33, followed by a recovery rally.
The retracement from the peak of $96.53 to the low of $33 corresponds to a 61.80% Fibonacci level, reflecting a 67% drop.
Despite the broader market recovery, overhead resistance is observed, leading to a contraction in volatility.
The current rally faces resistance at the $43 mark, coinciding with the 50% Fibonacci level.
Higher price rejection from the overhead resistance trendline suggests the formation of a triangle pattern.
A breakout above the resistance trendline and the 50% Fibonacci level at $43 could signal a bullish trend continuation.
According to Coingabbar analysis, If the breakout occurs, the next target based on Fibonacci retracement levels is projected to be the 78.20% level at $64.
Conversely, a failure to sustain above the support trendline may increase downside pressure, risking a breakdown below $33.
KEY LEVELS :
RESISTANCE LEVEL : $50.00-$62.00
SUPPORT LEVEL : $32.00-$20.00
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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