ORDI price is anticipating a possible double bottom reversal at $43. With bullish support at the 50% Fibonacci level, the chances of a reversal are high. If the reversal rally gains momentum, ORDI price could hit a peak of $80.
As Bitcoin is once again seeing an intraday supply surge, so are altcoins and Bitcoin’s close cousins. In this case, ORDI price trend is showing a possible bullish turn after a few days of correction.
Altcoins are at a critical stage with a huge risk-reward entry opportunity. Will altcoins reach $100 this year? ORDI price has fallen to the $43 support area multiple times due to its continuous efforts to reach the psychological milestone of $100. In the recent correction, the decline to $43 but failed to break the $52 mark resulted in another drop to the demand zone.
However, the rejection of the lower price at $43 has avoided further corrections and foreshadows a double bottom reversal. Moreover, buyers maintain a stronghold at the 50% Fibonacci level, increasing the likelihood of an uptrend. Currently, ORDI price is stagnant near the demand zone and is trading at $40. OTC traders await confirmation of the up move as dip buying opportunities emerge at lower levels.
Technical Indicators:
RSI Indicator: The daily RSI line remains above the oversold zone, reflecting a surge in bullish divergence.
MACD: The downtrend of MACD and signal line has sunk deeper into the negative zone.
Will ORDI price break above $100?
With the increasing chances of reversal, ORDI 0 price is ready to bounce off the 50% Fibonacci level and is ready to rally towards $80. Moreover, with the growing expectations of a bullish comeback for Bitcoin, the altcoin may soon surge towards the psychological $100 mark.
On the contrary, if it falls below the demand zone at $40, the price may drop to the $33 or $22 support levels.
