Is it Too Late to Buy ORDI?

Is it Too Late to Buy ORDI?

The first ever BRC-20 token Ordinals (ORDI) recently experienced a massive surge of 32% in value, breaking out of a period of consolidation. This surge was driven by a wave of Binance listings that generated upside momentum for BRC-20 tokens. However, despite this impressive rally, ORDI is now facing a potential retracement that could threaten its structure. This raises the question: is it too late to buy ORDI?

Following the Binance listing, ORDI reached a market price of $53.85, representing a 24-hour change of -16.41%. While yesterday’s substantial move was fueled by increased trading volume, it was ultimately rejected by a resistance level around $65, indicating the possibility of a decline. Additionally, ORDI’s relative strength index (RSI) remains significantly overheated at 62.20, suggesting the need for retracement. On the other hand, the moving average convergence divergence (MACD) reflects the previous day’s upside momentum at 0.876.

Overall, the outlook for ORDI in its current state appears weak, with a double top structure posing a threat of further downside. The upside potential for ORDI lies in an all-time high (ATH) at $69.9, representing a potential gain of 29.24%. Conversely, the downside risk for ORDI is set at the 20-day moving average (20DMA) around $41.44, indicating a possible loss of 23.38%. This risk-reward ratio of 1.25 offers a reasonable entry point for potential investors, although it may not be particularly appealing. However, considering the upcoming Bitcoin halving event next year, buying ORDI could still hold some potential.

While ORDI undergoes retracement, another investment opportunity has emerged in the form of a meme coin presale called Meme Kombat. This new initiative combines nostalgia for gaming and GambleFi into a decentralized Web3 platform. Meme Kombat offers a unique and engaging experience by allowing players to place bets on animated battles between meme characters. The outcomes of these battles are both transparent and unpredictable, ensuring a thrilling experience for players.

Meme Kombat stands out in the crypto space due to its commitment to transparency and trust. The project’s founder, Matt Whiteman, has a strong track record in the industry, with decades of experience and a visible profile. Additionally, Meme Kombat is undergoing a security audit of its smart contract, a move that demonstrates the project’s commitment to transparency.

The tokenomics of Meme Kombat also make it an attractive option for potential investors. The Meme Kombat ($MK) token is priced at $0.246 and offers a generous annual percentage yield (APY) of 112%. Stakers not only benefit from passive income but also have the opportunity to use their staked tokens in the arena for betting, providing a dual functionality that sets Meme Kombat apart.

With the booming popularity of the GambleFi industry, Meme Kombat has the potential to tap into this lucrative market with its innovative approach. By combining memes, gaming, and blockchain technology, Meme Kombat offers a fresh and unique proposition for the crypto community. For investors looking to diversify their portfolios, Meme Kombat presents an exciting opportunity that should not be overlooked.

The recent surge in ORDI value may indicate that it is not too late to buy. However, there are potential risks associated with a retracement and a double top structure. On the other hand, the opportunity presented by Meme Kombat offers an alternative investment avenue for those interested in meme-based gaming and betting. As with any investment, it is important to conduct thorough research and consider the risks before making a decision.

Industry

Articles You May Like

The Nigerian Government Considers Imposing a Heavy Fine on Binance
The Wall Street Memes Casino: A Deflation Mechanism Sparks Excitement
The Implications of Hungary’s Proposed Crypto Legislation on the Financial Sector
The Resurgence of Pepe Coin: Unveiling Surprises During the Bull Season

Leave a Reply

Your email address will not be published. Required fields are marked *