ORDI price edges closer to 13% breakout rally
- ORDI price has been consolidating for nearly two weeks inside an ascending triangle.
- A successful breakout could trigger a 13% rally, according to theoretical forecasting methods.
- A decisive breakdown of $70.86 will invalidate the bullish thesis.
ORDI price has been in a consolidation phase for nearly two weeks. Rising momentum indicators add credence to this bullish outlook, hinting that ORDI holders are likely to witness gains.
Read more: Taproot Wizards launches script so haters can now reject Ordinals on Bitcoin
ORDI price primed for a break higher
ORDI price set a local top at $92.29 on January 2 and shed 32% in the next 24 hours. As sidelined, buyers bought the dip the altcoin attempted to recover but slipped into consolidation, forming an ascending triangle setup.
Since January 3, ORDI price has produced five equal highs and four higher lows. Connecting these swing points using trend lines reveals an ascending triangle setup. This technical formation forecasts a 13.65% breakout rally, which is obtained by measuring the distance between the first swing high and swing low to the breakout point.
For ORDI price, a decisive flip of the horizontal resistance level at $75.35 needs to occur. This buy signal is likely to be followed by a quick, volatile 13.65% rally to the theoretical target of $85.67.
This short-term bullish outlook could yield bigger returns, especially if the ETF flows reveal a pause in Graysacle’s GBTC redemption with new capital coming in. This development, which is inherently bullish for the entire crypto ecosystem, would likely cause BTC-related altcoins like ORDI, Bitcoin Cash (BCH), Bitcoin SV (BSV) and others to rally.
In such a case, ORDI price could tag the $100 psychological level after breaching the $85.67 hurdle.
Also read: Crypto Christmas Miracle: Trending tokens ORDI & SATS eclipse fundamentally sound digital assets
ORDI/USDT 1-day chart
On the other hand, if ORDI price breaks below the $70.86 support level and produces a four-hour candlestick close below the ascending triangle’s hypotenuse, it would create a lower low and invalidate the bullish thesis.
This development could add more selling pressure to the mix, sending ORDI price down by 6.34% to the next key support level at $66.37.
Also read: Bitcoin core developer calls Ordinals a “vulnerability” for the BTC blockchain
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
