What next for ORDI as its trade volumes surge
- ORDI’s daily trading volume has climbed to its highest in the past seven days.
- The altcoin’s price has grown by over 20% in the last 24 hours.
BRC20 meme coin Ordi [ORDI] has recorded a single-day price rally of 23%, as trading volume surged to its highest level in the last week, data from Santiment revealed.
At press time, the token exchanged hands at $67.81. The double-digit price rally witnessed in the last 24 hours was due to the 295% uptick in trading volume that was registered during the same period.
According to data from Santiment, ORDI’s trading volume totaled $1.56 billion at the time of writing. In the last week, it has grown by 255%.
It is a Christmas miracle
ORDI’s price growth in the past 24 hours may be attributed to the re-emergence of the bulls in its spot market.
Readings observed from the token’s Moving Average Convergence Divergence indicator (MACD) revealed an upward intersection of the MACD line with the trend line on 25th December.
The upward crossover of an asset’s MACD line with its trend line is considered a bullish signal. It signals that the short-term moving average (MACD line) has risen above the longer-term moving average (signal line), indicating the re-emergence of bulls.
As bullish sentiments spread in the ORDI market, token accumulation has climbed. The altcoin’s key momentum indicators have reversed their decline and trended upward since the MACD bullish crossover.
As of this writing, ORDI’s Relative Strength Index (RSI) was 66.26, while its Money Flow Index (MFI) was 60.16. At these values, these indicators showed that token accumulation had begun to exceed sell-offs on the daily market.
Confirming the uptrend, ORDI’s 50-day moving average was spotted above its 200-day moving average. This kind of crossover of an asset’s moving averages is known as a golden cross and is known to be a bullish signal.
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It suggests that the short-term momentum is gaining strength over the long-term trend. And that an asset’s price is more likely to continue rising.
However, while ORDI’s price surges, its Chaikin Money Flow (CMF) reaches for lower lows. This has created a bearish divergence, suggesting that ORDI’s price rally might weaken and a price reversal might be imminent.