ORDI token experiences a 15% recovery, nearing its 20-day EMA hurdle, with potential to reach $50, despite recent market bearishness.
Points
- ORDI token recovers over 15%, approaching 20-day EMA.
- Token has potential to reach $50 in the near term.
- Market signals a recovery, boosting buyer confidence.
- ORDI’s RSI and MACD indicators show positive trends.
The ORDI token, associated with the Bitcoin Ordinals protocol, saw a significant recovery of over 15% this week, bringing it close to its 20-day Exponential Moving Average （EMA）. This rebound occurred despite the broader market’s bearish trends over the past few weeks. Since its inception, ORDI has surged by 560%, hitting a high of $96.17 in March 2024, but has since retraced by over 36%.
Currently trading at $2.10, ORDI is showing signs of potential further gains. The token’s relative strength index （RSI） curve has recovered from the oversold region, indicating a positive divergence. Additionally, a bullish crossover on the MACD indicator suggests that an upward move might be imminent.
Explanation
- ORDI’s recovery is notable given the broader market downturn.
- Technical indicators like RSI and MACD point to potential gains.
- Market sentiment is cautiously optimistic about ORDI’s near-term prospects.