With the Bitcoin price at $70,000, as it concludes the pullback phase, the altcoins are back in the top gainers. Amongst the altcoins, the ORDI price trend shows a promising setup for a bullish comeback in the near future.
Further, with multiple bullish catalysts acting in the ORDI trend and the overall market, the sideline traders anticipate a strong rally. Finally, with Bitcoin prepping for $75K as the Bitcoin Halving comes this April, the ORDI price prediction projects a scoring above $100.
With a diagonal consolidation wave, the ORDI price trend leads to the formation of an ascending support trendline in the daily chart. Further, the altcoin shows a constant struggle to bounce back from the baseline.
On the upper side, the sellers are dominating the $85 mark as it has led to multiple rejections in the last few months. Thus, the altcoin is trapped in a long-range consolidation wave. Currently, the ORDI price trades at $66.3 with an intraday move of 4.13% to form a bullish engulfing candle.
With the intraday move, the altcoin undermines the 5% drop this Wednesday and teases a stronger comeback next month.
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Technical indicators:
RSI Indicator: The daily RSI line follows the bullish revival in ORDI and surpasses the halfway line.
Bollinger Bands: The bullish revival leads to a new higher-low formation and avoids a drop to the lower band. However, the Bollinger bands maintain a downtrend with minimal sideways to an uptick in the lower band, teasing a reversal.
Will ORDI Price Top $100?
With the recent reversal, the ORDI price challenges the 78.60% Fibonacci level and prepares another test at $85. Considering the immense supply at $85 and the magnitude of coiled-up momentum during consolidation, a spectacular breakout rally is possible.
Therefore, a bullish breakout of the $85 mark could easily surpass the psychological mark of $100. Optimistically, the uptrend could hit the $132 mark at the 1.618 Fibonacci level.
Read More: Attention Traders: Bitcoin Shorts Are Getting Accumulated at These Levels: Is Another Rejection on the Horizon?
