Token

Bitcoin

ORDI

when

<p>In connection with the Bitcoin Ordinal, the cryptocurrency token <strong><a href="https://www.thecoinrepublic.com/2024/07/20/ordi-displayed-accumulation-will-it-reach-50-mark-this-week/">ORDI</a> </strong>has gained momentum and recovered by over 45% this month. This rise was realized when the general market sentiment increased, although the market itself recently declined.</p> 
<p>At press time, the ORDI was trading at $38.44 with an intraday gain of 9.87%, signifying a bullish wave on the chart. It was ranked at 96 and has a market cap of $809.91 Million.</p> 
<p>For the past few weeks, the <strong>ORDI </strong>was under bearish pressure as it retraced inside a falling channel. However, the correction wave ended, and signs of accumulation were noted on the chart.</p> 
<p>Now near the $40 cluster, ORDI could breach the $45 soon. Still, the token was caged in a range and was poised for a breakout.</p> 
<h2 class="wp-block-heading" id="h-ordi-token-traders-anticipate-a-breakout"><strong>ORDI Token Traders Anticipate a Breakout</strong></h2> 
<p>Amidst the market’s improved sentiments, the <strong>ORDI </strong>token has gained momentum could mark a big breakout. Its holders were anticipating a rise and eyeing it closely.</p> 
<p>Price action shows that the token is on the brink of the 50-day EMA hurdle as it attempted to breach it. A short covering move would be triggered once it crosses the $42 mark, and the token could rally ahead.</p> <iframe loading="lazy" title="Santiment Chart: Price (ORDI), Volume (ORDI)" width="800" height="425" src="https://embed.santiment.net/chart?ps=blockstack&amp;pt=STX&amp;df=2024-01-26T18%3A29%3A59.415Z&amp;dt=2024-07-26T18%3A29%3A59.415Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bordi%3BORDI%5D%3B%5B1%3Bvolume_usd%3Bordi%3BORDI%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The Relative Strength Index (RSI) curve is near 53. It is&nbsp; near the midline region, and conveyed a bullish stance on the chart.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">ORDIUSDT gained %10.193 in 4 hour time frame!<br><br>Signal: STRONG_BUY<br><br>Visit <a href="https://t.co/u74IHRk0bb">https://t.co/u74IHRk0bb</a> for more info<br><br> <a href="https://twitter.com/hashtag/ORDI?src=hash&amp;ref_src=twsrc%5Etfw">#ORDI</a> <a href="https://twitter.com/search?q=%24ORDI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ORDI</a> <a href="https://t.co/DIhTkMx7z7">pic.twitter.com/DIhTkMx7z7</a></p>— thegoldencrosser (@goldencrossertw) <a href="https://twitter.com/goldencrossertw/status/1816672986818122089?ref_src=twsrc%5Etfw">July 26, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>Similarly, the CMF and MFI index guided a beginning of accumulation, and the token could trigger a short-term reversal ahead.</p> 
<h2 class="wp-block-heading" id="h-ordi-token-social-dominance-shows-a-spike"><strong>ORDI token Social Dominance Shows a Spike</strong></h2> 
<p>On the social front, following the price rise, the speculative move was noted in the social dominance data. Also, a notable spike of over 23% was noted.&nbsp;</p> 
<p>The value rose to 0.112%, implying an increase in the media buzz and chatter for ORDI in the recent hours.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (ORDI), Percent of Stablecoin Total Supply held by Whales with more than 5 million USD" width="800" height="425" src="https://embed.santiment.net/chart?ps=blockstack&amp;pt=STX&amp;df=2024-01-26T18%3A29%3A59.415Z&amp;dt=2024-07-26T18%3A29%3A59.415Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bordi%3BORDI%5D%3Bpercent_of_whale_stablecoin_total_supply&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p>Notably, the percentage of stablecoin total supply held by whales’ activity noted a consistent rise. The rise was noted at 55.68, signifying a steady bullish belief among the holders.</p> 
<h2 class="wp-block-heading" id="h-funding-rate-shifted-positive-nbsp"><strong>Funding Rate Shifted Positive&nbsp;</strong></h2> 
<p>Evidence for this could be gleaned from inspection of its Future market activity readings. The funding rate across several exchanges noted a promising change and looks.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="228" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-1024x228.png" alt="ORDI OI-Weighted Funding Rate | Source: Coinglass" class="wp-image-626236" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-1024x228.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-300x67.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-768x171.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-150x33.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-696x155.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139-1068x237.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-139.png 1413w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  ORDI OI-Weighted Funding Rate | Source: Coinglass
 </figcaption>
</figure> 
<p>Funding rates are applied in perpetual futures contracts to ensure the future price is always near the spot price. A <strong>positive funding rate</strong> means that the asset stays in demand, especially for those in a long position.</p> 
<p>At press time, the token’s funding rate was 0.0064%, conveying a bullish stance that buyers could dominate ahead.</p> 
<h2 class="wp-block-heading" id="h-sharp-surge-in-short-liquidations"><strong>Sharp Surge In Short Liquidations</strong></h2> 
<p>At the time of writing, the short liquidations were at $844.20k, whereas the long liquidations were at $77k.</p> 
<p>The long traders have witnessed a decline in liquidations, and the token’s price triggered a rise. This signified a bullish conviction that buyers have outpaced the sellers.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="278" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-1024x278.png" alt="Liquidations Chart | Source: Coinglass" class="wp-image-626231" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-1024x278.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-300x82.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-768x209.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-696x189.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138-1068x290.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-138.png 1398w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidations Chart | Source: Coinglass
 </figcaption>
</figure> 
<p>Notably, its Open Interest data rose over 10.68% to $160.51 Million, signifying fresh long buildup activity in the past 24 hours. The immediate support levels for <strong>ORDI </strong>are $33 and $28, whereas the key upside hurdles are $43 and $50.</p> 
<p><strong>ORDI </strong>is trading near the cluster of $40 could break out with momentum. Once it escapes the channel’s trajectory hurdle of $43, it may reach the $50 mark and can go toward the $60 mark quickly.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/27/ordinals-eyes-breakout-can-ordi-token-reach-50-soon/">Ordinals Eyes Breakout: Can ORDI Token Reach $50 Soon?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Ordinals Eyes Breakout: Can ORDI Token Reach $50 Soon?

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