Lokesh Gupta
31-05-2024
#ORDI price action indicates a bullish trend reversal post a significant pullback to $33, succeeded by a recovery rally.
The retracement from the peak of $96.53 to the low of $33 corresponds to a 61.80% Fibonacci level, representing a 67% drop.
Despite the broader market recovery, there's overhead resistance, resulting in reduced volatility.
Yesterday, ORDI exhibited strength with a solid breakout, forming a Bullish Marubozu candlestick.
Currently, the price trades above the $50 psychological level but faces difficulty in surpassing April's high.
A breakout above the resistance trendline and the 50% Fibonacci level at $43 could indicate a continuation of the bullish trend.
According to Coingabbar analysis, if Bulls sustain above $50, the next target based on Fibonacci retracement levels is projected to be the 78.20% level at $64.
Conversely, if Bulls fail to cross $52, downside pressure could increase, risking a move towards the channel support.
KEY LEVELS :
RESISTANCE LEVEL : $56.00-$66.00
SUPPORT LEVEL : $43.00-$33.00
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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