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<p><strong>ORDI token</strong> associated with the Bitcoin Ordinals protocol witnessed a double-digit recovery of over 15% this week and was inched closer to its 20-day EMA hurdle. This revival came amid the market’s bearish moves throughout the week.</p> 
<p>Since its inception, it has rolled over 560% and made a high of $96.17 in March 2024. Afterward, it underwent a retracement and regressed over 36% in the last two months.</p> 
<p>Despite the lower low swings, the token has set to cross the downward-sloping trendline hurdle of $36. Beyond that, the token has room to reach the $50 mark for the near term.</p> 
<p>At press time, the <strong>ORDI was </strong>trading at $2.10 with an intraday surge of 4.36%, reflecting neutrality on the charts. It has a monthly return ratio of -36.20% and 462.20% yearly, reflecting short-term profit booking.</p> 
<p>The pair of ORDI/BTC was at 0.0000308 BTC, and the market cap was $121.59 Million at press time. Analysts were neutral and suggested that the <strong>ORDI price</strong> may register a range breakout and retain the mark of $3.</p> 
<h2 class="wp-block-heading" id="h-ordi-aims-for-further-gains"><strong>ORDI Aims For Further Gains</strong></h2> 
<p>Fueled by the selling pressure, the <strong><a href="https://www.thecoinrepublic.com/2024/06/26/ordi-ton-ens-top-this-crypto-analysts-watchlist/">ORDI token </a></strong>lacked buying momentum and has experienced a consolidation for the past few weeks.</p> 
<p>Recently, the bulls attempted to cross the $50 mark but failed, and a rejection move was noted last month. Until the round mark of $50 was not broken, the token could continue to hover in the downtrend and resume the consolidation move.</p> 
<p>On the flip side, if the sellers succeed in breaching the 52-week lows of $27, it could lead to an aggressive move and might slip toward the $20 mark.&nbsp;</p> 
<p>However, the market signals a recovery, which might boost the buyer’s confidence in stretching out the token.</p> <iframe loading="lazy" title="Santiment Chart: Price (ORDI), Volume (ORDI)" width="800" height="425" src="https://embed.santiment.net/chart?ps=ordi&amp;pt=ORDI&amp;df=2024-01-13T18%3A29%3A59.609Z&amp;dt=2024-07-13T18%3A29%3A59.609Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI curve recovered from the oversold region and reached the halfway line with a positive divergence, signaling that a reversal was in motion. Likewise, a bullish crossover spotted on the MACD indicator, suggesting a potential upmove ahead.</p> 
<p>Per the Fib levels, the <strong>ORDI token</strong> has a near-term hurdle placed around $40, which, if surpassed, the token could reach the $50 mark, its 38.2% zone soon.</p> 
<h2 class="wp-block-heading" id="h-sharp-upward-move-noted-in-social-dominance"><strong>Sharp Upward Move Noted In Social Dominance</strong></h2> 
<p>The Social Dominance data observed a massive inclination; a surge of over 430% noted, and the value skyrocketed to 0.905% within a few hours. This surge indicates that ORDI holders have gained attention on the media platform.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (ORDI), Social Dominance (ORDI)" width="800" height="425" src="https://embed.santiment.net/chart?ps=ordi&amp;pt=ORDI&amp;df=2024-01-13T18%3A29%3A59.609Z&amp;dt=2024-07-13T18%3A29%3A59.609Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bsocial_dominance_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>However, the weighted sentiment data was still in the negative region, highlighting the weak demand for the token in the crypto market.</p> 
<p>A tweet on X post mentioned that the ORDI token price traded near the accumulation zone and could see a potential recovery toward the $50 mark ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/ORDIUSDT?src=hash&amp;ref_src=twsrc%5Etfw">#ORDIUSDT</a>&nbsp;1D<br><br>ANALYSIS &amp; UPDATE<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> After about 5 Months!! Target of this analysis is done with more than 58% drop in price.<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> Now Green zone is where you can start accumulating again with much lower risk for possible another rally.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> <a href="https://twitter.com/hashtag/ORDI?src=hash&amp;ref_src=twsrc%5Etfw">#ORDI</a> <a href="https://twitter.com/search?q=%24ORDI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ORDI</a> <a href="https://t.co/JYCncygQAl">https://t.co/JYCncygQAl</a> <a href="https://t.co/JvGjx1XSje">pic.twitter.com/JvGjx1XSje</a></p>— Binance Master ( Futures/Spot ) (@master_binance) <a href="https://twitter.com/master_binance/status/1811959591384809571?ref_src=twsrc%5Etfw">July 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="h-oi-weighted-funding-rate"><strong>OI Weighted Funding Rate</strong></h2> 
<p>The positive value and a surge in the OI-weighted funding rate signifies a strong demand for the long positions, remarking a bullish signal and indicating a sustained recovery ahead.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXegxOqs07Ggydwrjcu3XPVzzz22vxc9co-jo4XXwLNZW2Vs9qNfJrjhXM3CZgt99FnT0ZN3p2fL6UXepW6zRC4fcfRUuNGEsb_phcx_rbKxWF6QhZ9BMGrFbBuwCI6sC9lRcQ2H-wX20hoTyJveJjxc_thV?key=EPZmP3CNzgor1rBgH9EjOQ" alt="ORDI">
 <figcaption class="wp-element-caption">
  OI Weighted Funding Rate <strong>| </strong>Source: Coinglass
 </figcaption>
</figure> 
<p>The<strong> open interest </strong>grew by 11% to $146.53 Million in the past 24 hours, with a price rise of over 5%. This signified a bullish conviction that traders are willing to go long.</p> 
<p>Meanwhile, this surge caused by a flurry of short liquidations covered overnight. The long liquidations were at $398k at press, while the short liquidations were only at $37k.</p> 
<p>This extensive surge in liquidity means that the market was expecting further consolidations and a decline in the token price in the near term.</p> 
<p>The immediate support levels for the <strong>ORDI token</strong> are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3</p> 
<h2 class="wp-block-heading" id="h-all-in-all"><strong>All In All</strong></h2> 
<p>The <strong>ORDI token price </strong>has recovered from its demand zone of $26 and has retained the 20-day EMA mark. Despite the market bearishness, the token still wants more and is eyeing to reach the $50 mark soon.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/13/ordi-bounces-back-15-this-week-is-50-mark-next/">ORDI Bounces Back 15% This Week: Is $50 Mark Next</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

ORDI Bounces Back 15% This Week: Is $50 Mark Next

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