Out of nowhere, the ORDI price pumped 15% and stole the show from Helium’s token that was the top crypto gainer until then.
After researching the events surrounding ORDI today, I couldn’t pinpoint any specific reason for this pump in what’s otherwise a slow market. The ORDI price is currently hovering around $31, with a market cap exceeding $650 million.
ORDI Chart Analysis Reveals Bullish Patterns
Analyst “Crypto Jobs” shared a detailed ORDI chart analysis with his 33,000 followers. He tried to predict where is the ORDI price headed next.
The chart displays a descending wedge pattern, a formation often associated with bullish reversals. This pattern is characterized by a downward-sloping upper resistance trendline and a parallel lower support trendline. Traders typically watch for a breakout above the upper trendline as a signal for potential upward momentum.
$ORDI – 25$ is probably the long term bottomNice bullish reaction dailyMonitor the wedge pattern [1st chart]Short term price action:Overbuy & at resistance zone [31$] Im expecting a pull back and a retracement toward the 29$ zone before another pump! Key supports… pic.twitter.com/BLwki0dXBm
— Crypto_Jobs TA & FA (@CryptoJobs3) September 2, 2024
Key support levels identified in the analysis include $25.70, $27.80, and $29. These price points represent areas where ORDI has previously found buying interest, with the recent bounce occurring around the $25-27 range. This rebound from the lower support trendline could indicate a strong foundation for future growth.
On the flip side, resistance levels are at $31.00 and $31.80, with higher targets extending up to $50. These resistance zones are areas where ORDI might face selling pressure as it attempts to climb higher. Currently, the price is testing the first resistance zone around $31, struggling to break through decisively.
Short-Term Outlook and Price Predictions
“Crypto Jobs” suggests that ORDI is currently “overbought” at the $31 resistance zone. This could potentially lead to a pullback towards the $29 support level before any further upward movement. However, the analyst remains optimistic, predicting a possible surge towards the $40 mark following this anticipated retracement.
The descending wedge pattern observed in the chart is generally considered bullish. A breakout above the upper trendline could signal the start of a new upward trend, aligning with the analyst’s prediction of a “next leg up toward the $40 USD zone.”
Read also: Is Solana Dead? SOL Price Trades “In Red” For 9 Days Straight, But Is There Hope for Holders?
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