Based

Long

ORDI

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>ORDI token price breached the round mark of $50 and extended the correction.</a> </li> 
 <li> <span>2</span> <a>Sellers have persisted in making short positions and eyeing to push ORDI to $20.</a> </li> 
</ul>  
<p>The <strong>Ordinals (ORDI) token price</strong> displayed a range breakdown and witnessed severe distribution from the highs. The token has washed over 28% of gains in the last 10 trading sessions.</p> 
<p>Following the market correction, the token has persisted in making lower lows and slipped below the key moving averages. If the bearish wave continues, the token may soon retest the downside region of $20.</p> 
<p>At press time, the <strong>Ordinals token (ORDI) price</strong> traded at $35.86 with an intraday drop of 9.10%, reflecting bearishness on the charts. It has a monthly return ratio of -50.78% and 506.289% yearly.</p> 
<p>The pair of ORDI/BTC is at 0.000589 BTC, and the market cap is $753.21 Million. Analysts are neutral and suggest that the<strong> ORDI price</strong> may continue to face bearishness and will underperform in the next sessions.</p> 
<h2 class="wp-block-heading" id="strong-can-ordi-expand-bearish-cycle-to-20-strong"><strong>Can ORDI Expand Bearish Cycle To $20?</strong></h2> 
<p>The ongoing <strong>bearish trend </strong>signifies seller dominance and guides a downtrend on the charts. Moreover, the token may continue to drag further and can expand the correction toward the demand zone of $20.</p>    
<p><a href="https://www.tradingview.com/chart/ORDIUSDT/QwhuS4du-ORDI-Token/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a></p>  
<p class="has-text-align-center">Source: TradingView</p> 
<p>Amidst the notable selloff, the trading volume remained flat and surged over 9.28% to $140.22 Million.</p> 
<p>The <strong>Relative Strength Index (RSI) </strong>curve stayed in the oversold region and still favored the seller army. Bulls need to retain the $40 mark to trap the bear cartel for any significant pullback.</p> 
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-remained-flat-strong"><strong>Price Volatility and Weighted Sentiment Remained Flat</strong></h3> 
<p>The price volatility data signifies a flat movement, replicating a stable price action. However, the bulls failed to resist the selloff, and the token continued to erode gains.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (ORDI), Weighted sentiment (Total) (ORDI)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=wormhole&amp;pt=W&amp;df=2023-11-10T18%3A29%3A59.209Z&amp;dt=2024-05-10T18%3A29%3A59.209Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bordi%3BORDI%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bordi%3BORDI%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p class="has-text-align-center">Source: Santiment</p> 
<p>The <strong>Weighted sentiment</strong> of the ORDI token implies a neutral outlook, as the value stays near the midline, noting around -0.34.</p> 
<h3 class="wp-block-heading" id="strong-futures-oi-data-hints-long-unwinding-strong"><strong>Futures OI Data Hints Long Unwinding&nbsp;</strong></h3> 
<p>Based on the OI data, investors have persisted in unwinding their long positions and are in fear, which resulted in a panic selloff for the past sessions.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/JM2vVHYwQdBqNb5bdsfU-_FMj5LqOgSKpTfQibrDXmLxVQUirV7bYXqCCHYSEL4KcN0Xv47hS-XWno7Jy7wH8o8MLL6WH8pdZzTR7L1zI0w0zGEby18FatkCZQwxOlsa9IFShnEoOkCefNtQppZTvzI" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: coinglass</p> 
<p>The open interest dropped over 4.66% to $169.88 Million, whereas the sellers have aggressively tried to slump the price with strong volume. Per the Fibonacci retracement levels, the<a href="https://www.thecoinrepublic.com/2024/01/19/ordi-price-prediction-ordi-lagging-strength-will-it-retest-50/" target="_blank" rel="noreferrer noopener"> <strong>ORDI price</strong></a> faced the 38.3% zone rejection and slipped to the 23.6% region.</p> 
<p>The immediate support levels for the Ordinals token (ORDI) are $32.90 and $30, whereas the key upside hurdle is around $40, followed by $43.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The <strong>Ordinals token (ORDI) price </strong>persisted in dragging the gains and stayed in the oversold region. Meanwhile, any short-term bounce has not been triggered yet, and the token may soon retest the $20 mark.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Ordinals (ORDI) Short-Term Outlook: Will ORDI Retest $20?

Table of Contents

Thecoinrepublic.com

Other articles published on May 11, 2024

The Real Post Halving Bull Run Is About To Start!? How to Prepare Before It's Too Late?

Here’s why you should closely watch these 2 cryptocurrencies in May

Pantera Capital Makes Record-Breaking Investment in TON, Telegram's Blockchain Network

BlockDAG Appears at London’s Piccadilly Circus, Spikes Presale Beyond $24.6M Ahead of NEAR Protoc...

The Crypto Industry Will Win The SEC in the Long Run – Ripple CEO

JPMorgan’s Onyx to industrialize blockchain PoCs from Project Guardian

Join our free newsletter for daily crypto updates!