ORDI has secured the top gainer spot, posting double-digit gains despite the prevalent bearish market condition.
ORDI (ORDI) is up 17.76% in the past 24 hours securing a position as the top gainer among the leading 100 cryptocurrencies. This surge follows a period of consolidation and signals a potential shift in market sentiment.
From Aug. 29 to Sept. 1, ORDI has been trading within a narrow range, consolidating between a high of $28 and a low of $25. This sideways movement came after a steep decline from its recent peak of $36.96 on Aug. 24. During this period, ORDI lost nearly 28.78% of its value, breaking below several key support levels above $30.
However, the tide seems to be turning. The latest rally has pushed ORDI back above the crucial $30 mark, a level that is now acting as a support.
ORDI is trading at $31.53 at the time of writing. This rebound is crucial, as it marks the first time in nearly a week that ORDI has managed to reclaim the $30 threshold.
A look at the volume profile reveals an increase in trading volumes since yesterday. This suggests growing investor interest, potentially driven by the belief that ORDI’s recent decline was overextended.
Moreover, the Directional Movement Index shows the +DI spiking upward. This indicates that the bulls are strengthening the bullish momentum. Meanwhile, the -DI is on the decline, signaling weakening selling pressure.
The Average Directional Index, which measures the strength of a trend, is also falling, revealing that the bearish trend that dominated since Aug. 24 is losing steam.
Despite the recent upsurge, market analyst Yuriy asserted that the time for long positions is past, suggesting that the latest uptrend might not be sustainable over the next few days.
— Yuriy 🔶 BikoTrading | OrderFlow Trader (@Yuriy_Biko) September 3, 2024$ORDI
The coin rose nearly 20% last night.But globally, the coin is in a short trend.
And now, it's too late to take a long trade.☝️If you would like a plan for this coin, push 15❤️. pic.twitter.com/eluyQ5wtTI
This is largely due to a lack of support from the broader market.