ORDI Pumped Over 15% Intraday; Can It Reach $100 Mark This Month?

• The ORDI price rebounded from the demand zone of $30 and gained momentum.
• This week, the token surged over 35% and crossed the 200-day EMA mark.

The ORDI token price sharply rebounded from the bottom and crossed the key hurdle of $50 with a strong volume spurt. Notably, the token price has escaped the significant moving averages.

With an uptick of over 15% intraday, the token entered into the range and was eyeing to stretch the pullback toward the $100 mark. Amidst the market volatility, the token prevails in gaining momentum and might outperform ahead.

The price action signifies a double-bottom recovery from the base of around $30, which has flipped over 35% this week.

At press time, the ORDI price traded at $56.20 with an intraday surge of 17.10%, reflecting buying momentum on the charts. It has a monthly return ratio of 39.20% and 846.20% yearly, revealing short-term bullish momentum.

The pair of ORDI/BTC is at 0.000792 BTC, and the market cap is $1.19 Billion. Analysts are neutral and suggest that the ORDI price may continue to stretch the pullback and might reach the upside mark of $70 soon.

ORDI Surpassed $50 Mark; Could Bulls Dominate Ahead?

The daily charts reflected the fresh bull accumulation and the token defied the selloff with a strong rise in trading volumes.

Notably, the token decisively crossed the 200-day EMA and might continue to outperform in the next sessions.

For weeks, the ORDI token was in a downtrend and faced a selloff, resulting in retesting the demand zone of $30.

Last month, the token was indulged in making a base around $30 and somehow managed to gain investor interest, resulting in buying at the dips opportunity for the investors, which led to the price rise.

Source: Santiment

Following the sharp surge of over 15%, the trading volume significantly spiked by over 189% to $628.17 million, revealing the demand for the token.

Ranked at 89 per the market capitalization, the token has a total supply value of 21 million. 

Per the Fib levels, the token has sustained above the 38.2% zone and is eyeing a further bounce to cross the 50% hurdle above the $65 mark shortly.

Incremental Move in Volatility and Weighted Sentiment 

Following the sudden price rise, the price volatility significantly surged over 12% to the 0.019 mark and revealed bullish momentum.

Source: Santiment

Similarly, the weighted sentiment data crossed the midline region and pumped over 43% to the 0.567 mark, revealing a positive outlook.

Investors are closely eyeing it, and a significant demand surge led the token to surge over 15% intraday.

Price Alert: $ORDI is soaring, up by 18.86% in the last 24 hours, currently trading at Php 3,321.9!

Spot trade #ORDI and over 80+ other cryptocurrencies on Coins today! https://t.co/b4qJ3udOAI@ordinalswallet pic.twitter.com/effSKRTBJG

— Coins.ph (@coinsph) June 5, 2024

Source: X

Furthermore, @Degen Ape Trader, in one of his posts on X, stated that ORDI might reach the upside of the $80 mark soon.

It goes significantly with the BTC; if BTC does well, ORDI will follow.

A 15% retracement is the worst bears can do to $Ordi. A solid bounce at $43.5.
Next target will be $80.

This is a BTC beta, so if BTC does good, Ordi would follow.https://t.co/hUlzjw9K6B pic.twitter.com/VXswNCYaf5

— Degen Ape Trader (@Degen__Ape__) June 5, 2024

Source: X

Massive Surge in the Future OI Data

In the past hours, investors have made fresh, long positions, which has led to a price rise.

The Open Interest data sharply spiked over 55.81% to $315.93 million in the last 24 hrs, revealing the whale buying activity.

Right now, bears looked trapped, and bulls looked confident, which might continue the follow on bullish moves ahead.

Still, the downside is capped at $40, whereas the upside has vast space, and the token might stretch further to $65, followed by $80 ahead.

The immediate support levels for the ORDI price are $48 and $40, whereas the key upside hurdle is around $65, followed by $72

Conclusion

The ORDI token has defied the downtrend and reverted from the base with a strong volume spike. Moreover, the token has retained momentum and might soon skyrocket gains toward the $100 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.