Ordinals (ORDI) has experienced a significant price increase, rising by 27% in the past week and breaking the $50 resistance level to reach $57.38. The token saw a 2.73% rise in the last 24 hours and a 21% gain over the past week. This growth is accompanied by a notable surge in ORDI futures open interest, which increased by $120 million in the past three days, surpassing $300 million. This surge highlights growing market participation and interest in ORDI.
Technical Analysis
Technical indicators show ORDI trading above its 50 and 100-day Exponential Moving Averages (EMAs), which provide strong support levels. The Relative Strength Index (RSI) is near 70 with a positive slope, indicating continued bullish momentum.
Ordinals Protocol and Marketplace Activity
ORDI utilizes the BRC-20 protocol on the Bitcoin blockchain, writing information such as text and pictures to each Satoshi. Despite the recent bullish trend, overall activity on the Ordinals marketplace has declined from March to May 2024. Text inscriptions dominate over images and videos, with a decline in inscription fees as reported by Dune Analytics. However, Ordinals Wallet and Magic Eden lead in transaction volumes, with unique wallet users reaching approximately 15,525.
Future Outlook
The bullish sentiment for ORDI is supported by its strong market performance and technical indicators. ORDI is expected to test higher resistance levels, potentially reaching $70 in the near term. The correlation between ORDI and Bitcoin has slightly increased, with a correlation coefficient of approximately 0.57. Despite a decline in overall user activity and transaction volumes, the growth in unique users of Ordinals wallets signals a resilient and growing ecosystem. With a market cap of $1.18 billion, ORDI remains a prominent player in the cryptocurrency market, attracting investors and enthusiasts.
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