Following a slow and steady monthly increase, Ordi initiated a notable surge today and flipped through a crucial resistance to a new multi-week level. It currently looks bullish, set for a strong recovery on the daily chart.

Ordi went through a lot of volatility contraction in the past month but it managed to test $52 after a failed attempt to break out of this price level. It initiated a drop and pullback for three days before locating support.

Starting this week on a good note, it advanced bullish actions today with a significant break above the mentioned level after accumulating for weeks. The price looks strong on the day as it aims to reclaim April’s breakdown level as resistance.

Failure to advance the rally in the next few days may result in a pullback to retest the recently flipped resistance as support. After that, we can expect to buy at full speed. As it appears, it is just starting to initiate a surge.

Right now, there’s no room for selling as the bears are currently off the market. If they manage to find their way back, we can expect a temporal suspension in buying before resuming a buy. The bulls are still in charge!

In the latest increase, Ordi’s next key target for buying would be the $66 and $79.5 resistance levels in the long run. Reclaiming its previous high of $96.5 could set the asset on a stronger rally once the price breaks up.

As mentioned earlier, the $52 level remains a close support to watch for a pullback. There’s also support at $44 and $35.6 in case of a broader pullback. Dipping below $30 may cause another short-term meltdown. 

Key Resistance Levels: $66, $79.5, $96.5

Key Support Levels: $52, $44, $35.6

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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Image Source: stockgiu/123RF // Image Effects by Colorcinch

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