As Bitcoin experiences fluctuations in supply, altcoins like ORDI, closely linked to the pioneer cryptocurrency, are also witnessing intraday spikes. In the case of ORDI, the price trend suggests a potential bullish reversal after a period of correction, presenting an enticing risk-to-reward entry opportunity for investors eyeing significant gains.

Double Bottom Formation Signals Reversal

ORDI's price trajectory has seen multiple dips to the $43 support zone in its quest to reach the coveted $100 milestone. However, during the recent correction, the price found support at $43, failing to breach the $52 mark and subsequently rebounding to the demand zone. This rejection from lower prices hints at a double-bottom reversal pattern, with buyers showing resilience at the 50% Fibonacci level, reinforcing the likelihood of an upward trend.

Presently, ORDI is trading around $40, hovering near the demand zone. As the market awaits confirmation of an uptick, sidelined traders are eyeing potential buy-the-dip opportunities at lower levels.

Key Technical Indicators

RSI Indicator: The daily Relative Strength Index (RSI) line remains above the oversold zone, indicating bullish divergence and a potential upward movement in price.

MACD: The MACD and signal lines continue their downward trend, reflecting bearish sentiment in the short term.

ORDI's Path to $100

With signs of a reversal gaining momentum, ORDI is poised to bounce back from the 50% Fibonacci level and target a return to $80. Additionally, as anticipation builds for a bullish resurgence in Bitcoin, ORDI could potentially rally to surpass the $100 psychological barrier.

However, a break below the $40 demand zone could trigger a further decline, with support levels at $33 and $22 coming into play.

Conclusion

ORDI's price analysis paints a picture of impending bullish momentum, fueled by favorable technical indicators and growing anticipation for a Bitcoin rally. While challenges remain, including potential downside risks, the altcoin's prospects for reaching $100 this year appear promising, presenting an enticing opportunity for investors seeking significant returns in the volatile cryptocurrency market.