In a remarkable display of market strength, Bitcoin’s Ordinal Inscriptions have soared to new all-time highs, with ORDI, a BRC-20 cryptocurrency closely linked to Bitcoin Ordinals, witnessing a staggering 30.75% increase in value over the last 24 hours. This surge comes on the heels of Bitcoin breaking the $41,000 barrier, which has sent ripples throughout the crypto market.
ORDI’s remarkable ascent to $42.27 from its previous price of $32.35 is largely attributed to its connection with Bitcoin (BTC), which also reached a new yearly high during the same period. The correlation between ORDI and BTC is solid due to ORDI’s status as a fungible token operating on the Bitcoin blockchain via the Ordinals protocol. This innovative protocol allows for the inscription of various forms of data, including text, images, and audio, directly onto the Bitcoin network.
The bullish trend for ORDI is evident in the 4-hour chart, which shows a dominant presence of buyers, driving the demand for ORDI to unprecedented levels. The Relative Strength Index (RSI) has reached an overbought reading of 93.84, signaling intense buying pressure. Despite this, the likelihood of a significant price retracement seems minimal, with strong support established at $31.83.
The Correlation Between Bitcoin’s Success and ORDI’s Growth
Should the price fall, it is expected to hold above this level, with additional support at $23.61 ready to bolster the bulls’ position. Traders are advised to keep a close eye on Bitcoin’s trajectory, as its movements could heavily influence ORDI’s direction. If Bitcoin continues its upward trend towards $42,000, ORDI may well follow suit, potentially reaching new highs regardless of its overbought status.
The Directional Movement Index (DMI) further confirms the buyers’ control over ORDI’s movement, with the +DMI at 57.12 and the -DMI at a mere 2.11. The Average Directional Index (ADX) supports the uptrend with a reading of 61.56, indicating a strong and sustained northward movement for ORDI.
As the crypto market continues to evolve, the rise of Bitcoin’s Ordinal Inscriptions and ORDI’s performance serves as a testament to the innovative and dynamic nature of blockchain technology. While the future remains uncertain, the current trend suggests that ORDI’s journey is far from over, with the potential for further growth on the horizon.