50bps rate cut from FOMC which led to a Bitcoin price increase. In this article we continue tracking the BRC-20 coin ORDI price prediction
Get up to speed with ORDI BRC-20 price analysis – A 50bps rate cut from the FOMC led to a Bitcoin price increase.
In this article, we continue tracking the BRC-20 coin ORDI price prediction after receiving positive news from the FOMC. As mentioned earlier, ORDI is a coin that is heavily influenced by Bitcoin price movements.
Please review last week’s analysis before continuing to read!
It was a great week in the crypto markets overall as the price of many alt coins increased significantly! And it seems like other people are also taking a liking to our coin. Let’s look at how price moved:
$ORDI sexy pic.twitter.com/5guGa4j3tF
— Aleex Minimal (@MinimalTrader_) September 19, 2024
How Did ORDI Price Develop During This Week of FOMC News
(ORDIUSDT)
Starting with the Daily chart, we can see a clear reclaim and retest of MA50, which is significant because it was previously an area of resistance. Price is still on track with the target around $39, which is the confluence between the Fib 0.618 retrace level of the massive move last year in Q4, and the Point of Control level from the Fixed Range Volume Profile.
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(ORDIUSDT)
Next, we are looking at the 12H timeframe for our BRC-20 ORDI coin. Notice that on the previous screenshot I kept the range of the FRVP, but here I extended it until today and now PoC came lower at ~ $29. That level was again flipped and retested around the time of FOMC announcements and speeches on Wednesday this week.
Something interesting that I noticed was that when I loaded the ORDI/USDT Spot chart from Binance the PoC level did not change, but the lower level has grown there as well and now they are fairly close in volume.
(ORDIUSDT)
On the 4-hour timeframe, we continue to receive new information about price development. The red line is MA200, another important indicator that ORDI broke above. This is a sign of strength in conjunction with Bitcoin’s recent 10% increase.
ordi price increased 20% – double that of BTC. We also can see a pattern of higher lows and higher highs after the high circled in orange, which is also bullish. What we want to see next is a higher high above the one in orange.
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