ORDI price nears a record high as Bitcoin Ordinals NFT sales soar

November 16, 2023 03:02 PM AEDT | By Invezz

ORDI price nears a record high as Bitcoin Ordinals NFT sales soar — Image source: Invezz

Bitcoin Ordinals NFT volume spikes

ORDI coin has soared, helped by the rising demand for Bitcoin Ordinals. According to CryptoSlam, the total volume of these NFTs soared to over $20 million in the past 24 hours. It rose by over 27% in that period, passing Ethereum’s volume of over $11 million. A few months ago, Ethereum’s NFTs were hard to pass.

For starters, Bitcoin Ordinals are NFTs that use unique ways that people use to store text, images, and other data on the Bitcoin ecosystem. They have become large players in the NFT industry in the past few months.

Further data shows that the total futures open interest for ORDI tokens jumped to a record high. Interest soared to a high of $124 million in the past 24 hours. Most of this open interest was from OKX, Binance, and Bybit.

Futures open interest is an important part in the cryptocurrency industry. It refers to the unfilled positions in the futures market. In most periods, higher open interest is a sign that there is higher demand.

ORDI’s rally is also in line with the performance of Bitcoin and other cryptocurrencies. Bitcoin jumped to a high of $37,500 on Thursday, the highest point since April last year. It has more than doubled from the lowest point in November last year.

Bitcoin has jumped because of the ongoing risk-on sentiment in the market. Besides, US inflation has dropped to 3.2% while core inflation slipped to 4.0%. Therefore, investors believe that the Federal Reserve will leave rates unchanged between 5.25% and 5.50%.

Bitcoin has also roared back as hopes that the Securities and Exchange Commission (SEC) will approve a spot ETF. All this has pushed cryptocurrency prices sharply higher, with the market cap nearing $1.5 trillion.

ORDI price forecast

ORDI chart by TradingView

The daily chart shows that the ORDI token price moved sideways a few months ago. In this period, the token was in the accumulation phase of the Wyckoff Model. It has now moved to the markup phase, which is characterised by higher demand than supply.

ORDI has soared above the 50-day and 25-day moving averages. At the same time, the Relative Strength Index (RSI) has moved to the overbought level. It is also approaching the important resistance level at $29.50, the highest point in May.

Therefore, the short-term outlook for the coin is bullish, with the next point to watch being the psychological level at $30. This rally will likely hold as long as other cryptocurrencies jump.

The post ORDI price nears a record high as Bitcoin Ordinals NFT sales soar appeared first on Invezz

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