Ordinals: $23, $8 Or $10? Critical Support Activated

٣ نوفمبر

No predictions here, let's just consider the next support level which is a critical one. ORDIUSDT (Ordinals) is pointing down based on the action happening since early March and recently. The next major support which was already challenged in August is $23. This level is about to be tested again, it was breached briefly on a wick.

If this level breaks, and we have a lower high and the last bounce was small, then ORDIUSDT is set to move to a price of around $10 or $8, that's how far down it can go if support doesn't hold.

Will it break?

It is likely. Trading pairs tend to produce a reversal bottom pattern and consolidation between each bullish phase. ORDIUSDT grew more than 3,280% recently so I wouldn't be surprise if it undergoes a full correction. This is needed and it would be healthy for 2025.

Normally we want to see sustained long-term growth and for this to happen the market has to balance the bullish wave with a correction, this is what you see on the chart.

Of course, we wait and see, everything will be clear in matter of days.

This is a bearish chart. It is pointing down. Lower prices next.

Thank you for reading.

Namaste.