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The NFT marketplace is dominated by major players like Ethereum and Solana. Due to poor architecture and lack of smart contract capability. The implementation of Segwit and Taproot in Bitcoin protocol made Bitcoin Ordinals viable.
Any weekly close above $37 confirms further bullishness.
ORDIUSD gained more than 25% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and the long-term moving average in 4-hour chart. It hit a high of $32.53 and is currently trading around $32.23.
The bullish invalidation can happen if the pair closes below $15. On the lower side, the near-term support is $30. Any break below targets $26/$20/$15.
The immediate resistance stands at around $37. Any breach above confirms a minor pullback. A jump to $43/$50 is possible.
Indicator (4-Hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around $30 with SL around $26 for TP of $50.
