#ORDI price action indicates a bullish trend reversal after a significant pullback to $33, followed by a recovery rally.
The retracement from the peak of $96.53 to the low of $33 corresponds to a 61.80% Fibonacci level, reflecting a 67% drop.
Despite the broader market recovery, overhead resistance is observed, leading to a contraction in volatility.
The current rally faces resistance at the $43 mark, coinciding with the 50% Fibonacci level.
Higher price rejection from the overhead resistance trendline suggests the formation of a triangle pattern.
A breakout above the resistance trendline and the 50% Fibonacci level at $43 could signal a bullish trend continuation.
According to Coingabbar analysis, If the breakout occurs, the next target based on Fibonacci retracement levels is projected to be the 78.20% level at $64.
Conversely, a failure to sustain above the support trendline may increase downside pressure, risking a breakdown below $33.
KEY LEVELS :
RESISTANCE LEVEL : $50.00-$62.00
SUPPORT LEVEL : $32.00-$20.00
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