ORDI, a cryptocurrency token closely tied to the Bitcoin Ordinals protocol, has seen a significant price rally of 30% over the past week. This surge in price can be attributed to the overall improvement in market sentiment, despite recent corrections in the market. At the current price of $59.46, ORDI is trading at its highest level since April 12.
One of the key factors contributing to ORDI’s price surge is the strong bullish bias among its holders. According to Santiment, ORDI’s weighted sentiment reached a three-month high of 3.49 on June 5, indicating a positive outlook among investors. This sentiment was further supported by the altcoin’s positive funding rate across cryptocurrency exchanges since May 1.
With an open interest of $294 million, ORDI’s Futures market activity is also on an uptrend, suggesting a growing demand for long positions. The token’s technical indicators on the 1-day chart also point towards a potential further rally in its price in the short term. With indicators like the Elder-Ray Index and MACD line signaling a bullish trend, ORDI’s price momentum seems to be strong.
In conclusion, ORDI’s recent price surge can be attributed to the overall positive market sentiment and strong bullish bias among its holders. With technical indicators signaling further potential gains in the short term, ORDI’s price rally may continue in the coming days. Investors and traders looking for opportunities in the cryptocurrency market may want to keep an eye on ORDI as it shows signs of continued upward momentum.
Overall, ORDI’s recent price surge is a reflection of the positive market sentiment and strong bullish bias from its holders. The altcoin’s technical indicators on the 1-day chart support a potential further rally in its price in the short term, indicating a bullish trend. With ORDI’s Futures market activity also on an uptrend, the token’s price momentum seems to be strong, suggesting more gains ahead. Investors and traders interested in the cryptocurrency market may find ORDI to be a promising opportunity for potential profits.
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