Is Ordi Going to Zero? ORDI Price Plummets 10% as New Bitcoin Protocol Hits $8 Million

cryptonews.com:

The first ever BRC-20 ordinal token Ordi (ORDI) has undertaken a sudden -10% ORDI price drop, leaving some panicked holders asking ‘Is Ordi going to zero?’. Dig into this piece and find out in this ORDI price analysis.

This comes as markets teeter with anticipation for news of a highly anticipated Bitcoin spot ETF approval expected later today (January 10).

More than 6x from here, but $ORDI one of the few alt longs I'm interested in running over the next week. If the BTC ETF is bullish then it should be good for our favorite BTC meme coin

Best served paired against a basket of alt hedges https://t.co/4CR0Y2ZP23 pic.twitter.com/YMHgzFLnB9

— Andrew Kang (@Rewkang) January 8, 2024

Traders are predicting that if Bitcoin spot ETFs are approved by the SEC later today, then ORDI price could see a dramatic pump, emerging as a favored Bitcoin beta play in the crypto market.

As price action retreats below the 20DMA, ORDI is currently trading at a market price of $66.09 (representing a 24-hour change of -5%).

This comes as ORDI price retraces in sync with Bitcoin, following a false rally triggered Yesterday by a malicious hacked tweet from Gary Gensler’s Twitter account.

Now sat below the 20DMA (currently sat at $70.5), price action risks dropping below moving average support for the first time in two-months.

Yet, with bullish fundamental headwinds expected later this afternoon for all major BRC-20 Ordinal tokens, this could offer an alluring entry for late-stage traders ahead of a potential seismic move.

Meanwhile, the sudden drop appears to have fuelled an improved outlook on the RSI indicator, which is now reading almost neutral at 51.58 – suggesting price has the capacity for a significant push up from here.

But the image is clouded by