ORDI

The Bitcoin Ordinals (BRC20) wave took over the crypto space in Q4 2023 and ORDI, the first and largest BRC-20 token in the Ordinals ecosystem continues to reach new hits. The token recently crossed the $1 Billion market cap and as of the time of writing, its market cap stood at $1.4 Billion.This has translated to a massive surge in ORDI’s price with the token registering a 288% increase in December alone. The current price action offers an opportunity to get in on the ORDI wave. Here’s how you can maximize it.<h3 id="price-retracement-could-yield-more-long-opportunities">Price retracement could yield more long opportunities</h3>ORDI’s parabolic price rise has seen the token register a swift price jump without any significant dips. However, after hitting an all-time high of $82.9 today, ORDI has presented short-term buyers with a good opportunity for new long positions.The four-hour timeframe showed price trading at $70.2, just slightly above the support level of $67.5. Bullish traders can wait for a bullish candle close on the four-hour timeframe before entering long positions. Profit targets include the all-time high of $82.9 for 13% returns or further upside at $90 for 20% returns.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c3fd9aaf46c2484cba4ed86f977f77c5.png" />The Relative Strength Index (RSI), a momentum indicator, showed strong bullish convictions. Even though the RSI dipped out of the overbought zone, it remained firmly in the bullish zone with a reading of 67.Likewise, the Chaikin Money Flow (CMF) registered strong capital inflows. This revealed sufficient buying pressure for ORDI in the short term.A look at ORDI’s short-term price chart showed that massive price increases have followed the token trading within a range. Consequently, traders can expect another upward movement in ORDI’s price with the $100 psychological mark possible in Q1 2024.

ORDI Dips From All-Time High, Perfect Time to Go Long?

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