The first ever BRC-20 token Ordinals (ORDI) has experienced a significant surge of +32% recently, breaking out of a period of consolidation. However, despite this impressive rally, there are concerns that the price could retrace and threaten the overall market structure. Investors are now wondering whether it is too late to buy ORDI and whether the recent surge can be sustained.
The recent surge in ORDI’s price can be attributed to a wider rally in BRC-20 tokens. The wave of Binance listings has triggered upside momentum and has led to increased trading volume for these tokens. However, it is important to note that ORDI is currently experiencing a retracement, with a 24-hour change of -16.41%. This retracement could potentially signal a decline in the short-term.
Although the recent surge was fueled by trading volume and a break-out from a 7-day consolidation, ORDI has once again faced resistance around $65. This rejection of a breakout move could spell disaster for ORDI’s price in the short-term. Additionally, there are concerns about the overbought state of ORDI, as reflected by the RSI reading of 62.20. This suggests that a retracement may be necessary.
However, despite these negative indicators, there is some hope for ORDI. The 20DMA, which currently stands at $41.44, provides a layer of support for the token. In addition, the MACD still reflects yesterday’s upside momentum, indicating some positive buying pressure.
Overall, the analysis suggests that ORDI is currently in a weak position. The presence of a double-top structure and the negative signal from the RSI both indicate the potential for further downside. In terms of price targets, ORDI is still aiming for the all-time high (ATH) at $69.9, which represents a potential upside of 29.24%. On the flip side, the downside risk for ORDI is around the 20DMA at $41.44, which could result in a decrease of 23.38%.
Given the risk-reward ratio of 1.25, investing in ORDI at this point may not be particularly appealing. However, it is worth noting that next year’s Bitcoin halving event could provide a catalyst for the token’s price.
While ORDI is experiencing retracement, there is another investment opportunity that could potentially offer quicker returns. Meme Kombat is a trailblazing initiative that combines nostalgic gaming and GambleFi into a decentralized Web3 platform.
The essence of Meme Kombat lies in its captivating arena where meme characters from different crypto communities battle it out. Players can place bets on these animated battles and potentially earn attractive rewards. The project promises to showcase 11 distinct meme characters in its first season, with a second season already planned for December 2023.
What sets Meme Kombat apart is its commitment to transparency. The project is undergoing a security audit of its smart contract, and the findings will be made public. This level of transparency is rare in the crypto space and adds credibility to Meme Kombat. Additionally, the project’s founder, Matt Whiteman, brings years of experience in process design and is known in the crypto community, adding to the project’s trustworthiness.
The tokenomics of Meme Kombat is another attractive factor for potential investors. The $MK token is priced at $0.246 and offers a generous APY of 112% for stakers. Staked tokens can be used to place bets in the arena, allowing players to earn passive income while participating in the gaming experience. With the GambleFi industry gaining popularity, Meme Kombat has the potential to tap into this lucrative market.
While ORDI’s recent surge may be short-lived, Meme Kombat presents an alternative investment opportunity for those looking to diversify their portfolio. The project’s transparency, experienced team, and unique approach to meme-based gaming and betting make it a compelling option for potential investors. However, it is important to remember that cryptocurrency investments are high-risk assets, and thorough research should be conducted before making any investment decisions.
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