Bitcoin Ordinals (BRC-20) Tokens Surge Despite Market Consolidation! What’s Next?
The post Bitcoin Ordinals (BRC-20) Tokens Surge Despite Market Consolidation! What’s Next? appeared first on Coinpedia Fintech News
The market leader, Bitcoin price, has recorded a neutral trading week by displaying a price fluctuation of less than 2% over the past seven days. This indicates a cool-off in the price action for the crypto token in the crypto market.
However, the Bitcoin Ordinals (BRC-20) tokens have displayed a strong bullish price action by adding significant value to their respective portfolio within a short period.
In this article, we have covered the market sentiments and analysis of Ordi (ORDI) and SATS (1000SATS) tokens and also covered their short-term price targets.
Ordi (ORDI) Price Analysis:With a jump of 181.2% in its trading volume and a jump of 17.04% in valuation within the past day, the Ordi price is hovering close to its important resistance level, indicating an increase in the bullish sentiment for the Ordinal token in the crypto market.
TradingView: ORDI/USDT
The technical indicator, SMA, supports the price chart in the 1D time frame, indicating increased bullish influence for the ORDI token in the crypto space.
The Relative Strength Index (RSI) successfully retests its mid-point resulting in it recording a significant rise toward its overbought range. Moreover, the average records a rising bullish sentiment, highlighting a positive outlook for the BRC20 token.
If the market pushes the ORDI coin price above the resistance level of $50.75, the bulls will prepare to test its upper resistance level of $62 in the coming time. However, a bearish trend reversal could result in the altcoin plunging toward its support of $39.75.
1000SATS Price Action:Despite increased price volatility in the crypto market, the SATS coin price continues to display a weak price action by trading in a closed range between $0.0000002535 and $0.0000003845. Moreover, this BRC 20 token has added 8% within the past day and 30.34% over the past 30 days.
TradingView: SATS/USDT
With a trading price of $0.0000003501, a circulating supply of 2.1 Trillion, and a market cap of $728.69 Million, the SATS (1000SATS) price has secured the 120th spot in the global cryptocurrency market list.
The technical indicator, RSI, continues to trade above the neutral point, indicating an increase in the buying pressure within the crypto market. Furthermore, the average supports the indicator, suggesting the price will continue gaining value during the upcoming time.
If the bulls continue to trade positively, the SATS crypto price will prepare to test its upper resistance level of $0.0000005510. Conversely, if the bears overpowered the bulls, the 1000SATS coin price would plunge toward its crucial support level of $0.0000002535.