ORDI has formed a range, with the $50 level being significant within it.
Despite the losses of the past week, the selling volume was not high.
Ordinals [ORDI] has been on an extraordinary run in recent months. It was trading at $2.82 in September but skyrocketed to reach $69.76 in the first week of December.
This represented gains of 2370%, measured from the September low to the highs. In the past ten days, the price has pulled back to retest the $44 level as support. In doing so, it formed a range.
The range and the retracement levels formed a solid support
Source: ORDI/USDT on TradingView
This range (white) extended from $44.15 to $66.9, where ORDI faced stiff resistance once again on the 14th of December. Moreover, the mid-range mark at $55.52 has served as a reliable resistance during this period.
It has been tested multiple times and was converted to resistance once again after the losses of the past few days. The RSI also fell below neutral 50 to reflect the bearish momentum pr
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