ORDI Soars: Bullish Momentum Points to Further Gains – Can It Break Through Key Resistance Levels?
The recent price action for ORDI on the 4-hour chart has shown a strong upward trend. The closing prices have incrementally risen from $56.97 to $62.28. This steady increase highlights bullish momentum in the market, suggesting a sustained interest from buyers.
ORDI Challenging Resistance
The 9 EMA has been trending upwards, moving from $56.857 to $59.476, which aligns closely with the closing prices and supports the notion of a bullish market. Similarly, the 20 EMA has risen from $54.471 to $56.655, though it lags behind the 9 EMA as expected. The crossover of the 9 EMA above the 20 EMA further reinforces the bullish trend, indicating strong upward momentum.
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The MACD values also depict a bullish outlook for ORDI. The MACD line has risen from 2.839 to 3.239, consistently staying above the signal line, which moved from 2.733 to 2.926. Meanwhile, the histogram values have shown positive readings, peaking at 0.313, which reflects increasing bullish momentum and potential further gains in price.
The RSI has been persistently high, ranging from 63.64 to 74.26. This indicates that the asset is in overbought territory, suggesting strong buying pressure. While high RSI values often precede pullbacks, they can also signal continued bullish strength if the trend remains strong.
Key Levels to Watch
The immediate resistance levels to watch are $63.767, $64.342, and $66.761. A break above these levels could signal a continuation of the bullish trend. On the downside, key support levels include $61.849, $61.622, and $61.506. Holding above these support levels is crucial for maintaining the current bullish outlook.
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For long trades, entry points can be considered near the support levels around $61.849 and $61.622, with a target towards the resistance levels of $63.767 and $64.342. For short trades, entries might be considered if the price fails to break above resistance at $63.767 or shows a strong bearish reversal at $64.342, targeting the support levels of $61.849 and $61.622.
The technical indicators for ORDI on the 4-hour chart are predominantly bullish, supported by rising EMAs, positive MACD values, and high RSI readings. However, traders should be cautious of potential pullbacks due to overbought RSI conditions. Key levels of resistance and support should be monitored closely to validate any trading decisions.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
