The ORDI price nearly reached a new all-time high on November 13 but fell slightly afterward.
The price regained its footing after bouncing at the $20 support area. Will it reach a new all-time high?
ORDI Approaches All-Time High
The ORDI price has increased at a parabolic rate since the beginning of November. In 10 days, the price increased by 365%, culminating with a high of $22.82 on November 13.
The increase caused a breakout above the $20 horizontal resistance area, the final one before the all-time high of $29.60.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The daily RSI is increasing and is above 50. While the indicator is in overbought territory, it has not generated any bearish divergence yet, which would be a sign of an impending drop.
ORDI/USDT Daily Chart. Source: TradingView
Since the altcoin’s price is approaching its all-time high, cryptocurrency trader Birdseye88 believes price discovery can accelerate the increase. He states that:
this is not a breakout until it has broken out, but when it does, it’ll be in price discovery mode, which means low liquidity, few sell orders in the system and thus it can rise faster than you can imagine.
A similar idea is given by IamViraj002, who states that the ORDI price will hold above the current support and then accelerate its increase.
ORDI Price Prediction: Will New All-Time High be Reached?
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely wave count suggests that the ORDI price has just begun the fifth and final wave of an upward movement that began in October.
If the count is correct, the altcoin can increase to $30, a target created by extending wave five to the 0.618 length of waves one and three. The target is 35% above the current price.
The increase is also supported by the hidden bullish divergence (green) in the six-hour RSI, considered a sign of trend continuation.
If wave five extends further, the next most likely target for the top will be found at $37. This is an increase of 65% from the current price.
ORDI/USDT Daily Chart. Source: TradingView
Despite this bullish ORDI price prediction, a daily close below the $20 horizontal resistance area will mean the price is still correcting. A 45% drop to the $12 support area will be the most likely future price scenario in that case.
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