The Ordinals Protocol’s native token, ORDI, has been gaining attention from traders as it approaches a critical price level. With heightened market sentiment and a significant increase in trading volume, ORDI is positioned for potential growth in the coming days. If the token manages to break through a key resistance level, it could soar by nearly 40%, reaching $62. Here’s a look at the key levels and market signals investors should watch closely.

Crucial Resistance Level: $44.45

ORDI’s price action is currently encountering a key resistance zone around the $44.45 level. According to AMBCrypto’s technical analysis, this price point is vital for ORDI’s bullish prospects. The $44.45 resistance also aligns with the neckline of a bullish inverted head and shoulders pattern—a technical setup that often signals potential upward movement if the level is breached.

If ORDI successfully closes a daily candle above $44.45, the coin could be poised for a substantial rally, potentially rising by up to 40% to reach $62. This breakout would represent a significant shift in market dynamics, and traders are keeping a close eye on this critical resistance level.

Market Sentiment and Volume Surge

In addition to technical indicators, market sentiment is playing a crucial role in ORDI’s potential for growth. Following recent political developments, such as the outcome of the elections, the broader cryptocurrency market has experienced a shift from a bearish to a bullish outlook. This market sentiment, combined with growing investor interest, is providing a favorable environment for assets like ORDI.

In fact, ORDI’s trading volume has surged by 200%, signaling increased participation from both retail and institutional traders. This volume spike is typically seen when traders anticipate a significant price move, suggesting that a breakout may be imminent. At the time of writing, ORDI is trading at $43.15, reflecting a 7.3% increase in the last 24 hours. With heightened volume and a rising price, ORDI appears to be gaining momentum.

Bullish Technical Indicators: EMA and Trendline Break

Another bullish indicator for ORDI is its position relative to the 200 Exponential Moving Average (EMA). The fact that ORDI is trading above this key moving average suggests that the token is currently in an uptrend. Additionally, the recent breakout from a downward trendline further supports the argument that ORDI could be gearing up for further price appreciation.

However, as mentioned earlier, the ultimate confirmation of a bullish trend will depend on ORDI’s ability to close above the $44.45 resistance level. Until that happens, the token’s upward trajectory remains in question, and a failure to break this level could lead to price stagnation or a pullback.

On-Chain Metrics: Bullish Sentiment Among Traders

On-chain data is also providing strong support for ORDI’s bullish outlook. According to analytics from Coinglass, ORDI’s long/short ratio is currently at 1.003, indicating that traders are predominantly bullish on the token. This ratio suggests that there is strong confidence in ORDI’s price movement, with more traders betting on upward momentum than on a decline.

Moreover, ORDI’s open interest—an important metric that shows the total number of outstanding contracts—has risen by 8.9% over the past 24 hours and 4.3% in the past four hours. This increase in open interest signifies growing trader involvement, further suggesting that more participants are positioning for a potential breakout.

What’s Next for ORDI?

If ORDI manages to break through the $44.45 resistance and close a daily candle above this level, it could be set for a strong rally. The next major target for the token would be the $62 mark, representing a potential gain of around 40% from current levels.

However, cryptocurrency markets are volatile, and there are always risks involved. Investors should be mindful of potential price corrections and should stay informed about broader market conditions that could impact ORDI’s price trajectory.

Conclusion: Eyes on the $44.45 Level

ORDI’s technical setup, combined with bullish on-chain metrics and rising market participation, points to the potential for significant price growth. The $44.45 level remains the key resistance that must be broken for ORDI to continue its upward movement. If this resistance is cleared, a 40% surge to $62 could be within reach.

For now, traders and investors should monitor ORDI’s price action closely, particularly its ability to maintain momentum above $44.45. With the right conditions in place, ORDI could be set for a breakout that brings substantial gains in the near future.