The leading BRC-20 ordinal token ORDI has recently experienced a sudden price drop amidst a hard-fought consolidation. This unexpected decline has left many panicked holders wondering if the price of ORDI is on its way to zero. In this article, we will carefully analyze the current market conditions to determine the likelihood of such a scenario.
Since hitting a new all-time high of $92.22 on January 2, the price of ORDI has been struggling to establish support above the 20-day moving average (20DMA). As of now, ORDI is trading at around $74.28, representing a 24-hour change of +4.9%. However, this consolidation phase has also seen a retracement of -31% from the all-time high.
Despite the volatile drops, ORDI bulls have managed to defend the support level above the 20DMA. This moving average has been a crucial factor in providing structure to ORDI price action since December 2. While a break below the 20DMA could have devastating consequences, it is unlikely to lead to a complete collapse of the token. Lower support levels are currently found at $61.79 and $52.20, suggesting that there is still a significant chance for recovery.
Analyzed Indicators
When analyzing the indicators, we find that the RSI (Relative Strength Index) has cooled off significantly during the retracement, currently indicating a minor bearish divergence at 56.48. This cooling off period provides ORDI with the potential to push up once again. On the other hand, the MACD (Moving Average Convergence Divergence) reflects a higher level of bearish divergence at -1.162, indicating sluggish momentum for the token.
Overall, the analysis of ORDI price suggests that it is currently in a turbulent phase of consolidation. While the upside potential is limited in the short term, there are strong long-term prospects for the token. However, it is important to note that ORDI price will likely be influenced by Bitcoin’s next move and the performance of other ordinal tokens in the market.
While ORDI’s price analysis reveals limited short-term opportunities, another investment opportunity is gaining attention due to its meme virality. This opportunity is called Meme Kombat, a trailblazing initiative that combines the love for nostalgic gaming and decentralized finance (DeFi) into a Web3 platform.
The Essence of Meme Kombat
Meme Kombat revolves around an engaging arena where characters from various crypto communities battle it out. Players have the freedom to place bets on these animated battles, predicting the outcomes and potentially earning attractive rewards. The first season of Meme Kombat promises 11 unique meme characters, guaranteeing plenty of action for participants. Additionally, the project’s decentralized nature and AI-driven battles ensure transparent yet unpredictable outcomes.
One of the notable aspects of Meme Kombat is its commitment to transparency. The project has announced an upcoming smart contract security audit, a move that demonstrates their dedication to providing a safe and reliable platform for users. The founder and project lead, Matt Whiteman, brings credibility to the project with his experience as the COO of North Technologies and two decades in process design. The public profile of Whiteman and the Amsterdam address associated with the project add an extra layer of trust in an era where project anonymity can be a concern.
While the ORDI price analysis reveals limited short-term opportunities, there are still strong long-term prospects for the token. The volatile consolidation above the 20DMA has been challenging, but support levels have been well-defended and a complete collapse is unlikely. Additionally, the emergence of Meme Kombat as a meme-based gaming and betting platform offers a new investment opportunity. With transparent outcomes and the upcoming security audit, Meme Kombat has the potential to revolutionize the gaming industry and attract investors seeking a unique and exciting opportunity. However, it is important to remember that cryptocurrency investments are high-risk assets, and this article should not be considered investment advice.