07 Jun 2024 Simon Briggs
ORDI Price Spike Amid Bullish Trend In The Crypto Sector
With Bitcoin continuing to trade above $71,000, the overall sentiment of the market is rapidly strengthening. With the extra impetus during this comeback, the price of the ORDI token rises.
With strong ties to the Bitcoin network, will the market valuation of the ORDI cryptocurrency surpass $100? See our ORDI price estimate for more information.
Bulls continue to push ORDI higher
The ORDI price makes a bullish jump with repeated breakouts and a dramatic increase in momentum after weeks of trend contraction. The ORDI token has increased by 62% over the past 30 days, reaching a market capitalization of $1.329 billion. Furthermore, the breakout rise in the ORDI token accounts for 35%, with a bullish comeback in June.
Source: Tradingview
In the 1D chart, this also results in a run of six bullish candles.
The triangular breakout rally in the 1D chart crosses over the main resistance trendline. This suggests that the ORDI price trend is about to reverse and indicates that it may rise to a new all-time high of about $100.
With an intraday increase of 9.83%, the ORDI price is currently trading at $63.03, resulting in a big bullish engulfing candle. The upswing tests the $65 level for a positive extension as trade volume soars.
Will $100 Be the Price of ORDI?
The bull market is beginning to support a number of altcoins, and the increasing price of BTC directly supports the direction of the ORDI price. According to the Fibonacci levels, the bull run confronts the bullish engulfing candle at $64.5, which is the 23.60% Fibonacci level.
A positive break above $65 may continue the upward trajectory, breaking the record high of $96.53 and reaching $100. In theory, a spike in Bitcoin might raise the market value of ORDI tokens to $120.
What about other cryptos?
Wormhole, for example, has achieved a major step forward in its decentralized management plan with the implementation of the Stake for Governance functionality for holders of W tokens. By enabling token holders to actively engage in the governance process, this new feature strengthens the decentralized aspect of the project. To further guarantee security, Wormhole has imposed a daily transfer cap of 100 million W tokens from Solana (SOL) to EVM chains.
In order to encourage W token owners to stake their tokens and take part in governance decisions, Wormhole has highlighted the significance of its new governance function. The goal of this change is to promote a management structure that is more decentralized and driven by the community. Through token staking, holders can impact the project's decisions and direction.
Wormhole has implemented a daily transfer cap of 100 million W tokens from Solana to EVM chains in order to preserve the security and integrity of cross-chain token transfers. The purpose of this cap is to safeguard the ecosystem from potential threats as part of the Wormhole Guardian security procedures. To build a solid foundation for future governance, the Wormhole team strongly advises W token holders to utilize the Stake for Governance functionality.
