that much ORDI price was one of the best performers of the fourth quarter of 2023, up 2,200% since October 16.
ORDI hit a new all-time high of $82.80 today, but has since declined slightly. How are you doing until the end of the year?
ORDI hits all-time high
ORDI prices have been rising since September 11th. A higher low was reached on October 16th, significantly accelerating the rise. The upward trend was parabolic without any significant price declines.
ORDI, which began consolidating on December 6, broke out again yesterday and hit a new all-time high of $82.80 today. Since the uptrend began, ORDI price has risen 2,200%.
Market traders use RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell assets.
Readings above 50 and an upward trend indicate that bulls still have the advantage, while readings below 50 indicate the opposite.
Despite the rapid price rise, the RSI is bearish. This indicator created a bearish divergence in December, which occurs when a decrease in momentum is accompanied by an increase in price.
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ORDI Price Prediction: $100 Reachable?
Cryptocurrency analysts believe ORDI’s upward move is not yet complete.
Tryrex recorded a breakout in a symmetrical triangle. It suggested that the price had started another upward movement.
Theo also has similar beliefs.But he uses the horizontal range to draw his conclusions.
Technical analysts use Elliott Wave Theory to identify recurring long-term price patterns and investor sentiment, which helps determine trend direction.
The most likely readings indicate that ORDI price is in the fifth and final wave of the upward movement that began in October. Within that, wave 3 expanded significantly. Sub-wave numbers are shown in black.
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So far, the length of wave 5 has been 1.61 times that of wave 1. This is a potential area for normality. If ORDI exceeds this level, it could see a 58% increase to the next resistance at $113.
As long as ORDI price trades above the parabolic upward support trend line, the trend will remain bullish.
However, a parabolic break could lead to a 50% decline towards the 0.618 Fib retracement support level at $33.
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