Following a 20% drop in the last 24 hours, Ordi is now positioned in a more bearish condition as the price becomes weaker on the daily graph. It is approaching a key support, where a major bounce is likely to occur.
Last week, Ordi saw a small bounce after witnessing a twice rejection at the $33.5 level. This rejection cooled off selling pressure and the market retested the $40.7 level. It failed to push higher and the volatility shrinks throughout the week with a choppy price action.
This week became more volatile and the price broke down again in continuation of the existing bearish trend initiated from $96.4 in March.
Its bearish bias has continued to appear stronger on a daily scale due to the latest market clampdown. The price broke through last month’s low but is now trading at $27 due to a small rejection at a daily low of $25.
Reclaiming last month’s low could bring a small recovery before rolling back. With the current market condition, we can expect more sell-offs.
Overall, Ordi has declined by a total of 35% in the past week. While it shows no signs of slowing down yet, it is likely to test last December’s breakout level before cooling off selling pressure on the daily chart.
ORDI’s Key Level To Watch
As of now, the next price target for selling lies at the key $22.3 support – a potential bounce level. A further dip from this level could collapse the price to $18 and potentially $15 in no time.
The closest resistance level for recovery is $31 – the lost May low – followed by $37. If the price recovers above this level, $44 and $52 are the next resistance to keep an eye on.
Key Resistance Levels: $31, $37, $44
Key Support Levels: $22.3, $18, $15
- Spot Price: $27
- Trend: Bearish
- Volatility: High