In recent days, the leading BRC-20 ordinal token, ORDI, has experienced a sudden drop in price amidst a hard-fought consolidation. This has led some panicked holders to question whether ORDI price is headed towards zero. The consolidation period comes after ORDI hit a new all-time high of $92.22 on January 2. Despite the heightened fear among holders, traders on crypto Twitter remain remarkably bullish, anticipating an upside break in the near future.
ORDI price is currently struggling to consolidate above the 20-day moving average (20DMA), with a market price of $74.28 and a 24-hour change of +4.9%. The price has retraced by -31% from the all-time high, placing significant pressure on ORDI bulls to establish support above the ascending 20DMA since January 5. So far, support levels have been defended well, even amidst volatile drops that pushed the price as much as -9.99% below the 20DMA. However, a break below this key moving average could have devastating consequences for ORDI price action.
Analyzing ORDI price further reveals lower support levels at $61.79 and $52.20, indicating that a complete collapse is unlikely for the top ordinal. Additionally, the Relative Strength Index (RSI) has cooled off significantly during the retracement, currently showing a minor bearish divergence signal at 56.48. This provides ORDI price with the potential to push up once again. On the other hand, the Moving Average Convergence Divergence (MACD) reflects greater bearish divergence at -1.162, signaling sluggish momentum for ORDI price.
Overall, the analysis of ORDI price reveals a turbulent consolidation phase above an aggressively ascending moving average. However, with the current capacity to push up and the potential impact of Bitcoin’s next move, ORDI price will likely be influenced by other ordinals as well. This suggests that ORDI has an upside target at $83.5, representing a possible increase of +11.45%. In terms of downside risk, a local tumble could see ORDI price drop to $61.79, indicating a potential decrease of -17.53%. The risk-to-reward ratio for ORDI currently stands at 0.65, suggesting a unfavorable entry dominated by downside risk, but not necessarily leading to zero.
While ORDI price analysis reveals limited short-term opportunities, a new investment opportunity has gained attention due to its meme virality. Meme Kombat is a trailblazing initiative that combines the love for nostalgic gaming and GambleFi into a decentralized Web3 platform. The essence of Meme Kombat lies in its captivating arena, where characters tap into deeply tribal crypto communities and engage in animated battles. Players have the freedom to place bets on these battles, predicting the outcomes and potentially earning attractive rewards.
Meme Kombat differentiates itself by being decentralized and ensuring transparent yet unpredictable outcomes through AI-driven battles. The project’s commitment to transparency is evident in its upcoming smart contract security audit, with the findings set to be made public. This level of openness is rare in the crypto space, where many projects shy away from such audits. The founder and project lead, Matt Whiteman, brings credibility to Meme Kombat with his extensive experience as the COO of North Technologies and two decades in process design. Additionally, Whiteman’s public profile and the Amsterdam address of the project add an extra layer of trust in an era of project anonymity.
The critical analysis of ORDI price indicates a volatile consolidation phase and the potential for both upside and downside movements. While the risk-to-reward ratio may not be favorable at the moment, it does not suggest that ORDI price is heading to zero. Furthermore, the introduction of Meme Kombat presents an exciting investment opportunity in the realm of meme-based gaming and betting. With its decentralized nature and commitment to transparency, Meme Kombat is worth keeping an eye on for potential investors. However, it is essential to remember that cryptocurrency investments carry high risk, and this article should not be considered as investment advice.
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