The leading BRC-20 ordinal token, ORDI, has experienced a sudden price drop amid a challenging consolidation period, leading to concerns among holders who are questioning whether ORDI price is heading towards zero. This article will delve into the current state of ORDI price, providing an in-depth analysis of its trajectory and potential future movements. Despite the heightened fear among holders, traders on crypto Twitter remain remarkably bullish, anticipating an upside break in the near future.
ORDI is currently trading at a market price of $74.28, showing a 24-hour change of +4.9%. However, this comes after a significant retracement of -31% from its all-time high of $92.22 reached on January 2. The consolidation phase is characterized by attempts to establish support above the ascendant 20DMA, which has been standing at $73.77 for the past 10 days starting from January 5. Despite volatile drops that saw ORDI price diverge as much as -9.99% below the 20DMA support, the support level has been well-defended.
It is crucial to note that a break below the 20DMA could have a devastating impact on ORDI price action, as this key moving average has provided a supportive structure to ORDI price since December 2. However, analysis suggests that a complete collapse is unlikely for the top ordinal, with lower support levels identified at $61.79 and $52.20. This indicates that the possibility of ORDI price going to zero is highly improbable.
In terms of technical indicators, the Relative Strength Index (RSI) has cooled-off significantly, currently displaying a minor bearish divergence signal at 56.48. This provides ORDI price with the capacity to push up once again. On the other hand, the Moving Average Convergence Divergence (MACD) reflects greater bearish divergence, currently standing at -1.162, indicating sluggish momentum for ORDI price.
Taking all factors into consideration, ORDI price analysis presents a turbulent picture of a challenging consolidation period above an aggressively ascendant moving average. However, with the current capacity to push up, ORDI price is likely to be influenced by Bitcoin’s next move and the performance of other ordinal tokens. As a result, an upside target of $83.5 (+11.45%) can be expected, while a downside risk could potentially lead to a drop to $61.79 (-17.53%). The respondent ORDI risk: reward ratio stands at 0.65, indicating a bad entry dominated by downside risk but not suggesting a complete loss.
While ORDI price analysis reveals limited short-term opportunities, other investments are gaining attention in the crypto space. One such investment is Meme Kombat, a trailblazing initiative that combines the love for nostalgic gaming and decentralized finance (DeFi) within a web3 platform. This section will explore the essence of Meme Kombat, its unique features, and the reasons why potential investors should keep a keen eye on its presale.
Meme Kombat introduces a captivating arena where animated characters representing deeply tribal crypto communities engage in battles. Players have the freedom to place bets on these battles, predicting the outcomes and potentially earning attractive rewards. The project’s first season guarantees 11 unique meme characters, ensuring a thrilling experience. Additionally, the project has already planned its second season for December 2023.
What sets Meme Kombat apart is its decentralized nature and the excitement derived from AI-driven battles. The outcomes of these battles are transparent yet unpredictable, creating an engaging and immersive environment. To further instill trust, Meme Kombat is undergoing a smart contract security audit, highlighting its commitment to transparency. The findings of this audit will be made public, a rarity in the crypto space where many projects shy away from such scrutiny.
It is worth noting that Meme Kombat is backed by Matt Whiteman, the founder and project lead. Whiteman’s background as the COO of North Technologies, coupled with his two decades of experience in process design, adds credibility to Meme Kombat. His public profile and the presence of an Amsterdam address further establish trust, especially in an era where project anonymity is prevalent.
As with any investment in the crypto space, it is essential to exercise caution. Crypto is a high-risk asset class, and thorough research should be conducted before making any investment decisions. While Meme Kombat presents an exciting opportunity within the meme-based gaming and betting sphere, it is crucial to assess individual risk tolerance and diversify one’s investment portfolio accordingly.
The volatility of ORDI price and the rise of Meme Kombat represent two contrasting aspects of the crypto space. While the former undergoes a challenging consolidation period, the latter offers a unique and engaging investment opportunity. As the crypto market continuously evolves, it is vital for investors to stay informed and critically analyze potential investments to navigate the complex landscape successfully.
