ORDI, a prominent memecoin within the Bitcoin ecosystem, has seen a staggering 2,200% increase since October 16, making it one of the top-performing crypto assets in the last quarter of 2023. The coin reached an all-time high of $82.80 on December 26, followed by a slight decline.
The price of ORDI has been on a continuous rise since September 11, with a significant acceleration in its growth rate after forming a higher low on October 16. The upward movement has been parabolic, with little to no significant price drops. Following a period of consolidation that began on December 6, ORDI resumed its ascent, reaching its all-time high today.
Market investors use the RSI level as a momentum indicator to determine overbought or oversold conditions and decide whether to accumulate or sell an asset. Levels above 50 and an upward trend indicate that bulls are still in control, while levels below 50 suggest the opposite.
Despite the rapid price increase, the RSI on the ORDI front shows signs of weakness, creating a bearish divergence where the price increase is accompanied by a decrease in momentum during December.
Crypto analysts believe the upward movement for ORDI is not over yet and expect the rise to continue. Analyst Tryrex reported a breakout from a symmetrical triangle, indicating the start of another upward move. Another analyst, Teo, holds a similar view but uses horizontal ranges to draw conclusions.
The most likely count indicates that ORDI’s price is in the fifth and final wave of an upward movement that began in October, with the third wave showing significant expansion. So far, the fifth wave has been 1.61 times the length of the first. If ORDI surpasses this level, it could see a 58% increase to the next resistance at $113. As long as the ORDI price trades above the parabolic rising support trend line, the uptrend is maintained. However, a break in the parabola could lead to a 50% drop to the 0.618 Fibonacci retracement support level at $33.
