ORDI is up today following a three-day bounce off a monthly low. It looks poise for an increase but buying volume appears low. Despite that, it is leading the market’s top gainers chart with a 4% gain since yesterday.

In the latest meltdown, Ordi lost almost 50% of its value in ten days but later pinned support an inch below the $34 level following a sharp rejection. That led to a bounce and the price increased a bit.

While the bounce has produced a slight gain over the past 48 hours, the asset must retake the monthly high before we can confirm a new bullish move. If this comes into play, we can expect a classic double-bottom formation for a bigger price movement. Currently, the $42 level is posing a threat to buying.

However, it is important to note that the market’s structure is still in a bearish condition from a short-term perspective. A drop below the recent bounce level could activate more drawdowns in the coming weeks.

For now, there’s nothing much to expect until the market flips through the immediate resistance level on the daily chart. A successful push above it should allow more recoveries in the market.

Now that the price is facing up, the immediate resistance to watch for an increase is $44 along with a minor resistance of $48. Higher resistance levels to keep in mind are $51 and $55.7 before surpassing the monthly high of $65.

If Ordi resumes selling pressure with a drop below the current holding weekly low of $34, the next stopover for the bears would be $28.2 and $22.3, where most buyers are anticipating to initiate an entry.

Key Resistance Levels: $44, $52, $55.7

Key Support Levels: $34, $28.2, $22.3

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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