ORDI price action indicates a bullish trend reversal post a significant pullback to $33, succeeded by a recovery rally.
The retracement from the peak of $96.53 to the low of $33 corresponds to a 61.80% Fibonacci level, representing a 67% drop.
Despite the broader market recovery, there's overhead resistance, resulting in reduced volatility.
Yesterday, ORDI exhibited strength with a solid breakout, forming a Bullish Marubozu candlestick.
Currently, the price trades above the $50 psychological level but faces difficulty in surpassing April's high.
A breakout above the resistance trendline and the 50% Fibonacci level at $43 could indicate a continuation of the bullish trend.
According to Coingabbar analysis, if Bulls sustain above $50, the next target based on Fibonacci retracement levels is projected to be the 78.20% level at $64.
Conversely, if Bulls fail to cross $52, downside pressure could increase, risking a move towards the channel support.
KEY LEVELS :
RESISTANCE LEVEL : $56.00-$66.00
SUPPORT LEVEL : $43.00-$33.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgement, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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