Ordinals (ORDI) has shown an extraordinary increase in recent months. While trading at $2.82 in September, it suddenly rose to $69.76 in the first week of December.
A gain of 2370% was observed between the lowest level in September and the highest level reached in the first week of December. However, in the last ten days, the price pulled back to retest the $44 support level, forming a price range.
This range between $44.15 and $66.9 (white) defines the area where ORDI once again encountered strong resistance on December 14th. Moreover, during the price movements, the intermediate level region of $55.52 clearly presented itself as an open resistance area.
The $55.52 level was tested several times and has become completely resistant after the recent pullbacks. The RSI also followed the current downward momentum, falling below the neutral level of 50. Meanwhile, the OBV continued its fluctuating movement since December 14th without giving away too much insight.
Considering the movement of the OBV, it would not be wrong to say that the selling pressure has been relatively weak. During this time, investors may have been on the lookout for buying opportunities. The retesting of the calculated potential low level of $44 could provide investors with what they are looking for.
