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The $ORDI price has been this week’s biggest gainer, increasing 185% in the last seven days.
Yesterday, the price created the first daily bearish candlestick after six bullish ones. Is this a sign of things to come, or will a new all-time high follow?
$ORDI Continues Rapid Ascent
The $ORDI price has increased since reaching a local bottom on September 11. The altcoin created a higher low on October 16, and began to swiftly move upwards.
Initially, the $ORDI price was rejected by the then-all-time high resistance at $25 (red icon). However, the price broke out on December 2, reaching a new all-time high of $69.72 yesterday.
Since its September low, the $ORDI price has increased by 1850%
Cryptocurrency trader The Wolf of Crypto Streets noted that due to the $ORDI all-time high, liquidity may relate to BRC-20 tokens.
The BRC-20 token standard is an innovative approach to facilitate the creation and exchange of fungible tokens on the Bitcoin blockchain, utilizing ordinal inscriptions. This experimental standard resembles the ERC-20 token standard commonly found on the Ethereum and EVM blockchain networks.
NiftyNFTNerd is also impressed by the rally, asking his followers if the $ORDI price can reach a new all-time high of $100 soon.
$ORDI Price Prediction: Can $100 be Reached?
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely count suggests that $ORDI is in the fifth and final wave of an upward movement that began in September.
The most likely area for the top of this wave is at $116, giving wave five 0.618 times the length of waves one and three. If wave five extends, it can reach the $177 resistance, giving wave five the same length as waves one and three.
The first target would amount to an increase of 110%, while the second one to an increase of 220%.
Despite this bullish $ORDI price prediction, a decrease below yesterday’s low of $41.80 will mean the price is still correcting. A 60% drop to the closest support at $18.50 will be expected in that case.
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