Bitcoin Ordinals To Record Massive Surge As BTC Price Holds Above $66K?

The post Bitcoin Ordinals To Record Massive Surge As BTC Price Holds Above $66K? appeared first on Coinpedia Fintech News

The crypto market has successfully regained momentum with top altcoins adding a notable value to their portfolios. Moreover, the market leader, Bitcoin price, continues to hold its value above the $66K mark, suggesting a positive outlook for the crypto market during the upcoming weeks.

However, the Bitcoin Ordinals continue to display a mixed sentiment, indicating uncertainty in future price action. Moreover, top ORDI tokens such as PUPS and WZRD have recorded significant corrections over the past week, indicating a negative price action for these tokens in the coming time.

PUPS (Ordinals) PUPS:

Despite increased price volatility in the crypto space, the PUPS price has displayed a strong bearish price action by recording a correction of 20.81% with a trading volume of +64.92% within the past 24 hours.

With a trading price of $17.83 at the time of writing, the PUPS (ORDINALS) token has recorded a correction of 95.3% from its previous all-time high (ATH) of $452.66 within the past 30 days.

The SMA acts as a resistance to the price chart, indicating a strong bear power in the crypto space. On the other hand, the technical indicator, RSI, displays a high possibility of a bearish convergence in the 4H time frame, suggesting a negative outlook for the PUPS coin price in the coming time.

If the market pushes the PUPS token above the resistance level of $21.75, the bulls will regain momentum and prepare to restest its upper resistance level of $44 in the coming time. However, if a bearish trend reversal occurs, the bulls will plunge toward its new low this month.

Bitcoin Wizards (WZRD):

The WZRD price has displayed a neutral trend over the past day, however, it has recorded a correction of 13.83% within the past day and 41.82% over the past seven days, indicating a strong bearish outlook for the crypto token in the coming time.

The Moving Average Convergence Divergence (MACD) shows a constant flatline in the histogram, indicating weak buying and selling pressure for the altcoin in the crypto space. Furthermore, the averages display a neutral sentiment, suggesting uncertainty in future price action.

If the bulls regain momentum, the WZRD price will prepare to test its resistance level of $6.20 during the upcoming week. Conversely, bearish price action could pull the Bitcoin Wizards price toward its crucial support level of $3.9375 this month.