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Ordi (ORDI), a pioneering BRC-20 asset released in early 2023, has recently experienced an over 30% dip since mid June.
However, the current price action remains volatile, showcasing a struggle between bears and bulls. Can it bounce and move up on the price charts to reach its recent highs?
This article will analyze Ordi’s price since its launch and provide info on an alternative BRC-20 asset currently available as an ICO.
ORDI Price History
Deployed on the Bitcoin network, Ordi was launched on March 8th, 2023. Since the beginning, the price action of this particular crypto has been very volatile.
Shortly after launch, Ordi traded between $3 and $6 throughout 2023 after achieving its then-ATH level of $29.
Ordi’s performance took a bullish turn in November of 2023 when it crossed the $20 threshold after six months. This happened due to ORDI’s listing on Binance, the world’s leading cryptocurrency exchange by trading volume.
Since then, Bitcoin’s positive reception has led to ORDI surging even more. By March 5th, 2023, a few days before Ordi’s one-year anniversary of its launch, the token surged again and reached its all-time high of $88.2.
The Ordi price retraced after that, but the price action remained volatile.
At the time of writing, ORDI has been trading around the $31 mark, with its market capitalization being just above $669 million.
The monthly chart reveals that the ORDI price has fallen 59% since June 9th of this year.
The drop hasn’t been linear, and many green and red signals appear on the price charts. However, since July 5th, the ORDI price has started moving up.
Current trends on the 4-hour timeframe chart show that the token has increased by 26.62% over the past six days. While this is a bullish signal, the token still faces significant resistance at $39.27 (0.786 fib).
In this candle chart, the RSI is trending around 60, which puts ORDI closer to the overbought zone. Furthermore, a positive MACD also indicates an increased upside momentum for ORDI
Even though the token’s price may show bullish signals in the short term, Clinix Crypto, in a video he uploaded a month ago, stated that Ordi’s price may be heavily manipulated.
In the video, the YouTuber highlighted that, while ORDI showed bullish actions within shorter time frames, zooming back revealed the token still had a strong resistance level.
“Ordi historically has been quite spiky, and dare I say, manipulated,” Clinix said.
However, the YouTuber also pointed out that Ordi was on its way to a breakout at that time.
Jacob Crypto Bury, another leading crypto analyst on YouTube, Discord, and Telegram, also did a price analysis for this token about seven months ago.
He saw two bullish patterns back then. However, like Clinix Crypto, his prediction was also about ORDI’s short-term potential.
Ordi’s long-term potential will depend on its adoption rate and new use cases that may or may not develop within its ecosystem.
What is Ordinals (ORDI)?
CoinMarketCap describes Ordi as a meme coin on the Bitcoin network. It is one of the first BRC-20 tokens created using the Ordinals protocol.
Ordinals protocol was developed by Casey Rodarmor, and allows audio, video, and other forms of multimedia to be attached to a Bitcoin Satoshi, the smallest unit of a Bitcoin.
The token has a fixed supply of 21 million, mirroring Bitcoin’s total supply.
In essence, ORDI represents the possibility of using the Ordinals protocol. Developed as a showcase, this token hasn’t revealed any clear utility, making assessing its long-term potential difficult.
However, 99Bitcoins (99BTC) is another BRC-20 token with long-term potential thanks to its educational utility.
99Bitcoins (99BTC) – The Best Utility-Focused BRC-20 Token
With claims that ORDI’s price action is being manipulated and no use cases emerging from its ecosystem, investors are better off looking at 99Bitcoins as the best alternative.
99Bitcoins (99BTC) is a BRC-20 token that introduces a learn-to-earn utility. With a community of 709k on social media and over 2.8 million subscribers, 99Bitcoins is a presale project with an audience it can tap into.
99Bitcoins is using a decentralized learning platform powered by the BRC-20 standard. Here, users can engage with interactive crypto learning through various means.
The project also offers 99BTC tokens as rewards for engaging with the community and leveling up crypto knowledge. It also delivers crypto trading signals to those looking to maximize their profit potential.
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Now on presale, 99Bitcoins has raised close to $2.4 million to date.
The project has already generated interest among influencers like Matthew Perry, who has stated that he is bullish about this token since it can potentially change BRC-20 forever.
Major publications like CryptoPotato, Bitcoin.com, and CoinTelegraph have already covered the new BRC-20 token in press releases.
At press time, 99BTC is priced at $0.00113 per token. The current presale stage will soon end – in four days time. Early investors should act soon to seize early-moving opportunities on this novel learn-to-earn project before the token’s price increases.
Visit 99Bitcoins
*Cryptonomist did not write the article or test the platform.
