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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 30, 2024 07:15 UTC
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ORDI Price Under Triangle Hints 50% Breakout Surge
The ORDI price trend contracts to form a symmetrical triangle.
The death cross in the daily chart remains a bearish sigil.
A breakout rally in the ORDI price could peak at $64.355.
Amidst the recovering altcoin market, the ORDI price action shows a bullish trend reversal after an intense pullback to $33. However, the recovery rally in ORDI experiences overhead resistance, leading to a contraction in volatility.
Will this contraction lead to a massive surge in the altcoin with a breakout rally? Will ORDI claim the $100 psychological milestone in 2024? Find out more in our ORDI price prediction.
Triangle Pattern Holds The Future of ORDI
Following the bearish downfall to the $33 level, 61.80% Fibonacci level, from the $87 peak, accounts for a 62% drop. However, with the broader market recovery, the ORDI price trend siphons bullishness from the market to challenge the $43 mark.
However, the higher price rejection from an overhead resistance trendline leads to a triangle pattern. Currently, the recovery rally is up against the resistance trendline and the 50% Fibonacci level at $43.
Currently, the ORDI price trades at $41.96 with an intraday gain of 3.03%, leading to another bullish candle. This recovery rally increases the possibility of a breakout rally to reclaim the $50 psychological mark.
Technical indicators:
RSI Indicator: With a contraction in volatility, the daily RSI line turns sideways near the halfway line.
EMA: The death cross in the 50D and 200D EMA reflects a bearish reversal. Further, the 50D EMA provides a dynamic resistance to bullish attempts.
Will ORDI Price Break The Triangle?
Despite several bearish oppositions, the broader market recovery and the breakout possibility could lead to a bull run in ORDI price. As per the Fibonacci retracement levels, the altcoin price could reach the 78.20% level at $64.
Conversely, a downfall under the support trendline will put additional pressure and risk the $33 breakdown. In such a case, the next support level is at $20.
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