ORDI Under Pressure: Bearish Continuation Set-Up Targets $9.21 as Downtrend Accelerates

Step 1: Trend & Chart Structure (Daily/Hourly)

Looking at the daily chart data from May through July 2025, ORDI ($ORDI) displays significant volatility with well-defined bullish swings followed by notable drawdowns. Notably, following the peak on July 27 ($11.65 high, $11.65 close), the token entered a conspicuous correction, dropping toward $9.43 as of July 31.

The most recent price action (hourly, July 31) shows a series of lower highs and lower lows, spanning from 10.07 (10:00 UTC) down towards 9.43. This is a classic short-term downtrend structure. Price is currently hovering near intraday lows at a key psychological level (~$9.43).

Step 2: Support & Resistance Analysis

1. Major Resistance:

   • $10.00: Psych round number, several hourly rejections, and temporary reversal zones.
   • $10.45–$10.67: Recent swing highs on July 29, heavy supply (selling) zone.
   • $11.00+: Significant sellers appeared above $11 on July 22–28.

2. Immediate Supports:

   • $9.43–$9.45: Most recent local lows (acting as current support).
   • $9.20–$9.26: Previous minor local demand/absorption.
   • $8.90: Clustered mid-June and early July pivot lows.

If $9.43 breaks impulsively, price could cascade toward $9.20 and $8.90 rapidly due to thin historical volume in these ranges.

Step 3: Volume & Momentum

• Volume: During drops, e.g., July 23–24 and July 29, bear volume spikes suggest fear and distribution by large holders. On July 31, volume is moderate but steady during down moves, reflecting persistent selling.
• Momentum: RSI (calculated from price movement) on the hourly is falling, likely below 40, indicating bearish momentum and no sign of bullish divergence.
• MACD (estimated): Fast line below signal, widening gap—Bearish.

Step 4: Candlestick & Pattern Analysis

• July 29–31: Multiple bearish engulfing candles on the hourly/4H charts, confirming sellers in control.
• The failed rally attempts above $10 are being sold, forming a descending triangle pattern with a horizontal base around $9.43. This is a traditional bearish continuation pattern.

Step 5: Fibonacci Retracement

• From the July 27–31 swing high ($11.65) to the current low ($9.43): Key retracement levels—$10.12 (38.2%), $10.54 (50%). Each bounce has failed below these levels, strengthening bearish bias.

Step 6: Moving Averages

• Hourly/4H EMAs (estimated 21/55/200): Price is now below all major EMAs, and these have recently crossed to the downside, reinforcing bearish structure.
• Daily EMA: $9.70–$9.85. Price is now below the daily EMA cluster; trend is short-term bearish.

Step 7: Oscillator & Volatility Indicators

• Stochastic Oscillator: Appears oversold short term (<20) but no bullish cross yet.
• ATR (average true range): High relative to history. Volatility spikes often precede further momentum moves (frequently continuation in current direction post-failures to reverse).

Step 8: Market Sentiment & Market Context

• Price action shows refusal to sustain above $10 despite repeated attempts, indicating overhead supply.
• Macro structure: After a failed breakout in late July, sentiment is negative. ORDI is underperforming previous bullish phases.

Step 9: Risk/Reward & Trade Management

• Risk: Downside pressure beyond $9.43 looks strong given pattern breakdown and volume profile. Immediate risk of fast drop toward $9.20 and $8.90.
• Reward: Upside capped unless clear reversal signals appear above $9.80–$10.00.
• Stop-Loss Placement: If shorting, stops should be above $9.67–$9.70 (last consolidation zone) for tight risk control.

Step 10: Composite Decision & Prediction for the Next 24h

• All key indicators—trend, volume, momentum, chart pattern, EMAs, and Fibonacci—converge on a bearish near-term bias.
• Price Prediction: Over the next 24 hours, likelihood is high for continued downside pressure. $9.20 is the next major target if $9.43 decisively breaks, with possible overshoot to the $8.90 support area in high volatility.

Conclusion:

• Given prevailing market structure, momentum, and repeated failure to reclaim or hold above resistance, the technical setup strongly favors a SELL (short) bias. Optimal entry is at or near current price ($9.43–$9.45), with close profit target at $9.21—the next major support.

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Summary Table:

Indicator	Signal
Trend	Bearish
Volume	Bearish
Momentum	Bearish
EMA/MAs	Bearish
Chart Pattern	Bearish
Support/Resistance	$9.43 break targets $9.20
RSI/Stoch	Oversold but not reversing
ATR	High (volatile)
Sentiment	Negative
Trade	SHORT (SELL)

SELL (Short) at $9.43, TP at $9.21.