ORDI breaks out of triangle, starts bull run
With the bullish recovery at the end of May, ORDI price rose 20% on May 30, with a triangle breakout rebound. The bullish trend peaked at the 61.80% Fibonacci level, retesting the 50% Fibonacci and trendline breakout.
Also, ORDI price action foreshadows an inverted head and shoulders pattern as the neckline is located at the 61.80% Fibonacci level at $52. The triangle breakout foreshadows a neckline breakout at $52 as the broader market recovers.
Currently, ORDI price is $48.10, up 6.42% overnight, forming a bullish engulfing candle. As of now, the bullish trend is approaching the overhead resistance trendline
RSI indicator: The daily RSI line continues to rise aggressively and crosses the midline, reflecting that an uptrend is taking place.
EMA: Bulls are ready to destroy the death cross by surging above the 50D EMA with the price.
Has the ORDI price trend ended the correction phase?
On the daily chart, the ORDI price trend is generally downward, forming a solid resistance trend line. However, as the continued recovery momentum strengthens, the trend line reversal is in play and forming multiple bullish patterns.
Once it breaks through the $52 mark, ORDI will usher in a new round of gains, and the trend line breakthrough is imminent. Therefore, we have reason to believe that ORDI is likely to quickly break through the $65 mark this month, bringing rich returns to investors.
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