ORDI Price Triangle Break Hints 50% Upside Potential

The post ORDI Price Triangle Break Hints 50% Upside Potential appeared first on Coinpedia Fintech News

As Bitcoin teases a run above the $70,000 barrier this week, the close-linked coins to the Bitcoin network experience a demand hike. In this recovering market, the ORDI price trend shows a breakout rally ready for a price jump this week. 

Will the breakout rally in this altcoin conclude the lower high formation in the daily chart for a trend reversal? Will ORDI claim the $100 psychological milestone in 2024? Find out more in our ORDI price prediction.

ORDI Breaks Triangle For A Bull Run 

With a bullish revival to end May, the ORDI price jumped 20% on 30th May for a triangle breakout rally. The bullish trend peaks at the 61.80% Fibonacci level to retest the 50% Fibonacci and the trendline breakout. 

Tradingview

Furthermore, with a neckline at the 61.80% Fib level at $52, the ORDI price action teases an inverted head and shoulder pattern. With the broader market recovery, the triangle breakout teases the $52 neckline breakout. 

Currently, the ORDI price trades at $48.10, following the overnight surge of 6.42%, which created a bullish engulfing candle. As of now, the bullish trend approaches the overhead resistance trendline 

Technical indicators: 

RSI Indicator: The daily RSI line continues to surge positively and cross the halfway line, reflecting an uptrend in motion.

EMA: The bulls are ready to undermine the death cross with the price surge crossing above the 50D EMA. 

Is The ORDI Price Trend Ending The Correction Phase?

With an overall downtrend in the daily chart, the ORDI price action forms a solid resistance trendline. However, as the ongoing recovery rally gains momentum, a trendline reversal is at play with multiple bullish patterns. 

A bullish breakout of the $52 mark will ignite the next upside surge, teasing a trendline breakout. Hence, the altcoin may soon surpass the $65 mark this month.