What’s next for ORDI prices after breaking all-time highs?
ORDI's price was the biggest gainer this week, rising 185% over the past seven days.
Yesterday, the price formed its first intraday bearish candle after six bullish streaks. Is this a sign of things to come or will a new all-time high follow?
ORDI continues to climb rapidly
ORDI's price has risen since hitting local lows on September 11. The altcoin made a higher low on October 16th and quickly started to move higher.
Initially, ORDI's price was rejected at the then high resistance at $25 (red icon). However, the price opened on December 2, reaching a new all-time high of $69.72 yesterday.
From September lows, ORDI price is up 1850%.
Cryptocurrency trader The Wolf of Crypto Streets noted that with ORDI at an all-time high, liquidity may be related to BRC-20 tokens.
The BRC-20 token standard is a new approach to facilitate the creation and exchange of fungibles on the Bitcoin blockchain using standard scripts. This test phase resembles the ERC-20 token phase commonly found on the Ethereum and EVM blockchain networks.
NiftyNFTNerd was impressed by the rally, asking his followers if the ORDI price could soon reach a new all-time high of $100.
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ORDI Price Prediction: Reaching $100?
Technical analysts use Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of the trend.
The most likely count indicates that ORDI is in the fifth and final wave of an upward move that began in September.
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The top of this wave is most likely at $116, where wave five is 0.618 times the length of wave one and three. If wave five is extended, it can reach the $177 resistance, which means that wave five has the same length as waves one and three.
The first target will have a 110 percent increase and the second will increase by 220 percent.
Despite this very bullish ORDI price forecast, the decline from yesterday's low of $41.80 means that the price is still correcting. A 60% decline to close support at $18.50 is expected in that scenario.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
