The Ordinals (ORDI) token price displayed a range breakdown and witnessed severe distribution from the highs. The token has washed over 28% of gains in the last 10 trading sessions.
Following the market correction, the token has persisted in making lower lows and slipped below the key moving averages. If the bearish wave continues, the token may soon retest the downside region of $20.
At press time, the Ordinals token (ORDI) price traded at $35.86 with an intraday drop of 9.10%, reflecting bearishness on the charts. It has a monthly return ratio of -50.78% and 506.289% yearly.
The pair of ORDI/BTC is at 0.000589 BTC, and the market cap is $753.21 Million. Analysts are neutral and suggest that the ORDI price may continue to face bearishness and will underperform in the next sessions.
Can ORDI Expand Bearish Cycle To $20?
The ongoing bearish trend signifies seller dominance and guides a downtrend on the charts. Moreover, the token may continue to drag further and can expand the correction toward the demand zone of $20.
Source: TradingView
Amidst the notable selloff, the trading volume remained flat and surged over 9.28% to $140.22 Million.
The Relative Strength Index (RSI) curve stayed in the oversold region and still favored the seller army. Bulls need to retain the $40 mark to trap the bear cartel for any significant pullback.
Price Volatility and Weighted Sentiment Remained Flat
The price volatility data signifies a flat movement, replicating a stable price action. However, the bulls failed to resist the selloff, and the token continued to erode gains.
Source: Santiment
The Weighted sentiment of the ORDI token implies a neutral outlook, as the value stays near the midline, noting around -0.34.
Futures OI Data Hints Long Unwinding
Based on the OI data, investors have persisted in unwinding their long positions and are in fear, which resulted in a panic selloff for the past sessions.
Source: coinglass
The open interest dropped over 4.66% to $169.88 Million, whereas the sellers have aggressively tried to slump the price with strong volume. Per the Fibonacci retracement levels, the ORDI price faced the 38.3% zone rejection and slipped to the 23.6% region.
The immediate support levels for the Ordinals token (ORDI) are $32.90 and $30, whereas the key upside hurdle is around $40, followed by $43.
Conclusion
The Ordinals token (ORDI) price persisted in dragging the gains and stayed in the oversold region. Meanwhile, any short-term bounce has not been triggered yet, and the token may soon retest the $20 mark.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
