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- Current $ORDI position remains bullish after bouncing back from the $24 support level towards the $67 resistance level.
- The Bitcoin fundamental factor contributes to the bullish run of $ORDI influencing the performance of most altcoins.
- It is important to exercise some level of care because the crypto market is characterized by high levels of risks and constant fluctuations in prices.
$ORDI is one of the cryptocurrencies that has shown some strength on the charts; it has recovered from the $24 support range. The token is now on the radar of analysts as it seems set for an upward move with the price prediction of $67 in the coming sessions. This upswing is in line with a generally positive sentiment in the cryptocurrency market, especially as Bitcoin ($BTC) remains on an upward trajectory. The recent activity has attracted the attention of traders and investors who are expecting that $ORDI could be nearing another big jump.
Strong Technical Indicators and Bitcoin’s Bullish Momentum
$ORDI’s recent price trend has risen from a previous resistance level of $24, possibly due to a strengthening buyer interest. This could indicate a surge in prices, as $ORDI has historically offered up to 12 times the profits to loyal project investors. The current technical configuration suggests a potential surge, especially if the broader market remains friendly.
$ORDI is demonstrating strength on the charts, moving ahead after taking its support at $24, and preparing for a push towards our target of $67! Our attention is focused on $BTC, as we anticipate it maintaining its bullish trend.
— Decilizer (@decilizer) September 14, 2024
We've seen 12x gain growth on it before. pic.twitter.com/JiicrBxf0R
The bulls continue to control the Bitcoin market, and this is one of the key driving forces behind the projected upwards movement of $ORDI. There is a high correlation between the performance of altcoins and the Bitcoin market in the past. When Bitcoin goes up, other tokens like $ORDI tend to move up as well, although to a more extensive degree because they are more volatile by their nature. In the current positive sentiments shown by Bitcoin, it could offer the needed boost for $ORDI to get to $67 as targeted.
Caution Amid Volatility
However, one has to be very careful with traders in the region even with the positive outlook provided above. The cryptocurrency market has always been a volatile one, meaning that if investors turn bearish, the prices would plunge. Although $ORDI has exhibited stability in the recent trading sessions, new market shocks may be problematic. Any investor interested in this trade should pay particular attention to support and resistance levels of both $ORDI and Bitcoin.