BRC20 ORDI Surges; Can It Smash Through Resistance and Keep Climbing?

In recent trading sessions, the #ORDI price has shown a fluctuating pattern on the 4-hour chart, drawing attention from both short-term traders and long-term investors. The latest closing prices indicate a slight uptrend with the most recent at $43.733, up from a previous low of $41.225. This increase reflects a moderate bullish sentiment as prices edged above the 9 Exponential Moving Average (EMA), currently at $42.9978, suggesting some upward momentum.

The 20 EMA, however, tells a slightly different story. With the latest value at $43.6616, it is trending downward from earlier highs, hinting at potential resistance to upward movements. This divergence between the 9 and 20 EMAs indicates a mixed signal, suggesting that the market could be entering a consolidation phase.

Moving on to deeper technical indicators, the Moving Average Convergence Divergence (MACD) supports this potential bullish sentiment. The latest MACD line is at -1.6589, with a signal line of -2.4497, and a positive histogram of 0.7909, indicating increasing upward momentum. This positive histogram suggests that the bulls might be gaining strength, although the overall negative values call for cautious optimism.

The Relative Strength Index (RSI) further enriches the analysis. Currently at 46.33, the RSI has risen from a low of 37.80, moving closer to the neutral 50 mark. This recovery in the RSI indicates a reduction in the previously oversold conditions, supporting the idea of a strengthening bullish momentum.

The immediate resistance is at $48.882, which if broken, could open the way towards more robust ceilings at $55.393 and $58.676. On the flip side, support levels at $40.62 and $40.163 should be watched closely as a break below these could indicate a shift towards a bearish trend. $ORDI #TrendingPredictions #BRC-20
The full analysis and trade strategy was originally posted on ecoinimist.com.