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Home»TRADING NEWS»Could the ORDI price increase to $100 this year?
TRADING NEWS

Could the ORDI price increase to $100 this year?

By Crypto FlexsDecember 26, 20233 Mins Read
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Could the ORDI price increase to 0 this year?
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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%.

ORDI/USDT daily chart. Source: TradingView

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.

Read more: Everything you need to know about ordinal numbers

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.

ORDI price change
ORDI/USDT 4-hour chart. Source: X

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.

Read more: 9 Best AI Cryptocurrency Trading Bots to Maximize Your Profits

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.

ORDI price prediction
ORDI/USDT daily chart. Source: TradingView

However, a parabolic break could lead to a 50% decline towards the 0.618 Fib retracement support level at $33.

In the case of BeInCrypto‘Click here for the latest cryptocurrency market analysis..

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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