The overall market sentiment improved rapidly as Bitcoin's price hovered above $71,000. Amid this positive environment, ORDI coin has seen a significant price increase, driven by the market recovery. Currently, ORDI's price is facing a significant breakout, gaining momentum and showing signs of a strong uptrend. This breakout rally is characterized by the altcoin breaking above the overall trend line, indicating a sustained upward move.
ORDI's Uptrend
In the past weeks, ORDI coin experienced a trend contraction but has now made an upward jump with multiple breakouts and a sharp increase in momentum. The market value of the altcoin is at $1.32 billion and has increased by 64 percent in the last 30 days. This rally in June resulted in a breakout rally that accounted for 35 percent of the altcoin's value, and there is a candle series of six bullish candles on the daily price chart.
The daily price chart shows that the triangle formation breakout rally has broken above the primary resistance trend line and a trend reversal has occurred for the price of ORDI coin. This development signals a potential jump to new all-time highs around $100.
Currently, ORDI's price is trading at $63.50 with a growth of 9.86 percent in the last 24 hours, leading to a large bullish candle. The increase in trading volume is supporting this uptrend and there is a challenge to the $65 level for further upsides.
Technical Indicators Also Support the Rise
Technical indicators support this bullish outlook. The Relative Strength Index (RSI) line on the daily timeframe is showing a positive trend entering the overbought territory, reflecting strong underlying demand for ORDI coin. This indicates that there is significant interest and buying pressure pushing the price higher.
The possibility of ORDI reaching the $100 level is supported by the broader bull market that has begun to push multiple altcoins higher. The rise in the price of Bitcoin directly causes the price of ORDI to rise. According to Fibonacci levels, the current bull run is challenging the 23.60 percent Fibonacci level corresponding to $64.5, supported by the bullish engulfing candle. A break above $65 could continue the uptrend and surpass the previous all-time high of $96.53 and potentially reach $100.
From an optimistic perspective, if Bitcoin continues to rise, the market cap of ORDI coin could rise further, possibly reaching $120. This optimistic scenario depends on the continuation of the positive atmosphere in the market and the continuation of the upward momentum in the cryptocurrency market.
