ORDI: Decoupling from Bitcoin and Rising on its Own
ORDI, a cryptocurrency that operates on the Bitcoin network within the Ordinals protocol, is currently experiencing significant growth in the market. This growth stands in stark contrast to Bitcoin’s struggle to maintain a price of $60,000. The divergence in performance between ORDI and BTC raises the question of what is driving this change.
Even if you don’t have Bitcoin, ORDI is no problem
Since its launch in March 2023, ORDI has been the first BRC-20 token to gain widespread attention. Being built on the Bitcoin blockchain, the price of ORDI usually mirrors the movements of BTC. For example, when Bitcoin hit an all-time high in March 2024, ORDI also reached its peak at $96.31.
Interestingly, ORDI is not the only BRC-20 token showing a different trajectory than Bitcoin. Another token, 1000SATS (SATS), is also displaying a similar pattern. As of now, ORDI’s price stands at $30.83, marking an increase of 8.20% in the last 24 hours.
ORDI Price Prediction: $36 or $26? buyer choice
Looking at the daily chart, despite the decrease in open interest, a downward wedge formation is observed. A falling wedge is a bullish technical pattern that signifies the end of a downtrend. It typically consists of two downward movements followed by an upward validation as more buyers enter the market.
However, the Money Flow Index (MFI) remains below neutral despite recent gains. This indicates that while some traders are buying ORDI, there might not be enough pressure to sustain the upward momentum.
Depending on the direction of buying pressure, ORDI’s price could either rise towards the overhead resistance at $36.10 or drop to $26.75 if the buying pressure diminishes.
Caution on ORDI’s Correlation with Bitcoin
Traders should exercise caution regarding Bitcoin as ORDI could reestablish its correlation with BTC, leading to a significant impact on its future direction. Monitoring both ORDI’s individual performance and its relationship with Bitcoin will be essential for making informed trading decisions.
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In addition, part of the content is the AI translation version of the English version of the BeInCrypto article.
