Following the quick reversal from the peak at $83, the ORDI price trend finds a solid footing at the support confluence of $50. With a turnaround story in just a few weeks, the altcoins restart the prevailing uptrend and conclude the pullback phase.
With a breakout event fueled by the recent surge in momentum, the altcoin signals an entry spot for the sideline traders. As Bitcoin preps for a recovery trend above $45K, the ORDI price prediction projects a scoring above $100.
Source – Tradingview
Thanks to the solid demand at the confluence of multiple support elements at $50, the ORDI price kickstarts a bullish reversal. Further, the price action displays a double bottom formation with a neckline at $65.
With the market-wide recovery, the altcoin reclaims the 50-day EMA with a 21% jump in the last four days. Further, the price jump breaks above the triangle pattern and challenges the key level of $65.
As the uptrend gains momentum, the rising intraday volume supports the bullish reversal. Thus, the chances of a double-bottom breakout are increasing in the ORDI price chart.
Technical indicators:
RSI Indicator: The daily RSI line shows a sharp reversal from the oversold boundary crossing above the 50% mark. Thus, the indicator reflects a quick increase in momentum, teasing a breakout rally.
Also Read: BCH Price Eyes Triangle Breakout, Ready For A 25% Bull Run
Is ORDI Price Ready for New All-Time High?
Currently, the ORDI price trades at $63.22 with an intraday growth of 7.63%, making a bullish engulfing candle. As the overhead resistance trendline cracks down, the chances of a bull run to the $100 increase by multiple folds. Moreover, with the rising possibility of a Bitcoin jump in the coming week, the related coins to Bitcoin, like ORDI, can find additional momentum.
Therefore, the breakout of $65 will signal an entry opportunity for the sideline traders. On the flip side, a reversal from $65 can retest the broken trendline.
