ORDI (Ordinals) has recently attracted attention with a significant increase in trading activity and a potential shift in its price trend. Despite a recent surge, the question remains: Is ORDI ready for a breakout run to $70? Here’s a closer look at the current situation and what might lie ahead for this altcoin.

ORDI’s Recent Performance

In the past 24 hours, ORDI has seen a remarkable 98.17% increase in trading volume, reaching $166 million. This surge has propelled the price up by 15.40%, bringing it to approximately $30.11. This rebound is noteworthy, but the broader trend for ORDI has been predominantly bearish in recent months.

Technical Analysis: Falling Wedge Pattern

On the daily chart, ORDI has formed a falling wedge pattern—a technical formation often associated with potential bullish reversals. The price of ORDI has fallen dramatically from its annual high of $96.53, showing a drop of around 68%. The price recently broke below the $50 mark, hitting a low of $23.51.

However, the recent bull cycle within this falling wedge has led to a substantial price increase of 43% in just eight days. Currently, ORDI is experiencing a minor pullback of 2.66% after its recent surge. Despite this, the overall trend suggests a possible upward breakout.

What is a Falling Wedge Pattern?

A falling wedge is a technical chart pattern that forms when the price moves between two converging trendlines. The pattern typically signals a potential bullish reversal. When the price breaks out of the wedge, it can indicate a strong upward trend. In ORDI’s case, this pattern could suggest that the altcoin might be gearing up for a significant rally.

Key Levels to Watch

For ORDI to make a successful breakout, several key levels need to be monitored:

• Support Levels: $26, $17, and $9
• Resistance Targets: $34, $44, $52, $61, and $70

According to pivot points, if ORDI breaks through the resistance levels, it could have an upside potential of up to 130%. Achieving these targets will depend on the coin’s ability to maintain momentum and surpass critical resistance.

Market Sentiment and Future Prospects

Despite a 61% drop in value year-to-date, ORDI maintains a market capitalization of $632 million, ranking it #92 in the cryptocurrency market. This positioning, combined with the recent recovery, suggests that there is still potential for significant growth.

As the broader cryptocurrency market begins to recover, ORDI’s performance might also improve. The increase in trading volume and the bullish signs from the technical analysis indicate that a breakout to $70 could be within reach if the altcoin continues to gain traction.

Technical Indicators

Several technical indicators support the possibility of a bullish breakout for ORDI:

• MACD (Moving Average Convergence Divergence): The MACD line is showing signs of a bullish crossover, which could signal an upcoming price increase.
• Bollinger Bands: The narrowing of the bands suggests that a significant price movement could be imminent.

Potential Challenges

Despite the positive indicators, ORDI faces several challenges:

1. Resistance Levels: The coin must overcome key resistance points to achieve higher price targets.
2. Market Conditions: Broader market conditions can impact ORDI’s price. A continued downturn in the cryptocurrency market could hinder the altcoin’s recovery.

Conclusion

ORDI is currently navigating a complex market landscape with a potential bullish breakout in sight. The recent increase in trading volume and the formation of a falling wedge pattern suggest that ORDI might be gearing up for a significant rally. However, overcoming resistance levels and maintaining momentum will be crucial for achieving a breakout to $70.