ORDI: The Rising Star in the Cryptocurrency Market
ORDI is a cryptocurrency that runs on the Bitcoin network within the Ordinals protocol and is currently one of the largest rising cryptocurrencies on the market. This is in sharp contrast to the situation where Bitcoin price is struggling to maintain $60,000. The difference in performance suggests that despite its strong correlation, ORDI may be decoupling from BTC.
Emergence of ORDI as a Standalone Cryptocurrency
ORDI is the first BRC-20 token and has attracted widespread attention since its launch in March 2023. Built on the Bitcoin blockchain, its price closely follows the movements of BTC. For example, when BTC hit an all-time high in March 2024, ORDI also peaked at $96.31. Currently, ORDI’s price stands at $30.83, marking an increase of 8.20% in the past 24 hours.
Furthermore, ORDI is not the only BRC-20 token showing a different trend than Bitcoin; 1000SATS (SATS) is also exhibiting a similar trend. The surge in ORDI’s price is complemented by an increase in outstanding contracts (OI), reflecting a rise in cryptocurrency-related speculative activities.
Price Prediction for ORDI: $36 or $26?
Despite a decline in open interest, a downward wedge has formed on the daily chart, indicating a bullish trend for ORDI. However, the Money Flow Index (MFI) remains below neutral, suggesting that sustaining the uptrend may require more buying pressure. Increased flows could propel ORDI’s price to overhead resistance at $36.10, but a decrease in buying pressure could lead to a drop to $26.75.
Traders need to exercise caution, particularly concerning Bitcoin, as ORDI’s correlation with BTC could influence its future direction significantly.
The information contained on the BeInCrypto website is published in good faith and for informational purposes only. Users are solely responsible for any consequences arising from the use of the information on this website.
In addition, part of the content is the AI translation version of the English version of the BeInCrypto article.
