Is It Too Late to Buy ORDI? ORDI Price Shoots Up 190% as New Telegram Casino Surpasses $3.3 Million
The original BRC-20 token ORDI has been host to a surge in growth as markets flip bullish on Bitcoin above $40k, with ORDI price shooting up +190% so far this week, is it too late to buy ORDI?
Excitement around the potential approval of Bitcoin Spot ETFs has fuelled explosive growth for Bitcoin-linked tokens in recent weeks, with leading projects such as Bitcoin layer-2 scaling solution Stacks (STX) posting +70% gains.
(Blue – STX, Orange – ORDI, Source: CoinMarketCap).
And not one to be left behind, the first ever BRC-20 token ORDI has exploded in suit, with price erupting a whopping +560% over the past month in similar fashion – cracking a $1bn market cap (another first for BRC-20 standard tokens).
As price action reels back from a new all-time high at $63.63, ORDI is currently trading at a market price of $64 (representing a 24-hour change of +23%).
The huge +190% pump comes amid 4-days of upside movement after ORDI price found strong support above the 20DMA, which had formed a capstone of resistance for the prior week.
However, with the skyrocketing move now seeing price deviate significantly from the 20DMA (which remains down at $25.8) traders are now warning of a potential retracement move.
This comes as price enters complete exploration territory, atop a new higher support level at $52.2 – a level that would’ve been an almost unthinkable target last week.
Retracement seems likely in the current structure, with price in full rally profile, there has been no substantive re-test of any new support level so far.
The RSI indicator reflects this vulnerability, with price action overheating the leading indicator over the past 4-days to a present overbought signal at 88.18 – suggesting a retracement move could be imminent.
However
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