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- ORDI crypto price has lost around 50% since April.
- Ordinals price dropped by 11% in the previous trading session.
The ORDI price has displayed bearish momentum since March and has lost 52% till now. The asset price was in a bearish trend and tried to take a reversal from the $30 mark by forming a hammer candlestick. However, the sellers were strong enough and failed to surpass the 20-day EMA.
Since December 2023, the Ordinals price has been in a bullish trend, but the trend was disturbed near the $80 hurdle. The buyers tried 3 times to overcome the $80 mark, but due to the strong supply zone, the price faced rejection.
According to the technical indicators, the Ordinals crypto price has generated a death crossover between the 20-day and 100-day exponential moving average. RSI is 36 and consolidates over the RSI-based moving average and intersects negatively.
Bounce Back Possible From the Demand Zone
When writing, the Ordinals crypto price was traded at $35.63, which has lost 0.86% in the past 24 hours. The circulating supply is 21,000,000 ORDI, and the fully diluted market cap is $748 Million. The market capitalization is $747.96 Million, and the 24-hour trading volume is $121.24 Million.
If the ORDI price falls to the demand zone, buyers may become interested. If the price forms any bullish candlestick pattern in the demand zone, it may gain bullish momentum for the long term.
On the contrary, if the price fails to defend the demand zone and the price slips below the $20 mark, sellers may dominate for the long term, and sellers may eye for a new all-time low.
Ordinals Crypto Social Dominance vs. Price Analysis
According to the given data, engagement on social media about Ordinals crypto has decreased over the last few weeks, impacting the price negatively. A positive spike in social dominance has been detected, but the price hasn’t been affected.
Is the Hurdle of $20 the Point of Interest?
$ORDI USDT
— Valeriya (@valeriyaApex) May 8, 2024
To understand the true movement, the price must come to the POI zone that I have highlighted.
25.00-15.00$ is the price for a possible purchase. pic.twitter.com/31Xkaak91m
According to a source on X, the ORDI price is expected to bounce back from the $20 hurdle as it is a demand zone. If the trading volume increases, the price may bounce back from the demand zone.
Conclusion
The ORDI crypto price has been in a bearish trend since March, and a death crossover has been generated between the 20-day and 100-day exponential moving average. If the price falls to the demand zone, buyers may become interested.
On the other hand, if the price fails to defend the demand zone and slips below the $20 mark, sellers may dominate for the long term. The social dominance of Ordinals crypto has decreased over the last few weeks, which has impacted the price negatively.
However, if the trading volume increases, the price may bounce back from the demand zone.
Technical Levels
The chart structure suggests that the ORDI price may face resistance from the $51 mark, and another resistance level can be $90. Regarding the support level, the price may take support on the $27 and $20.
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.
