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Bitcoin Ordinals (BRC-20) Tokens Rise Despite Market Consolidation! What’s next?
The market leader, Bitcoin price, recorded a neutral trading week, showing a price fluctuation of less than 2% over the past seven days. This indicates a cooling in price action for the crypto token in the cryptocurrency market.
However, Bitcoin Ordinals (BRC-20) tokens have shown strong bullish price action adding significant value to the respective portfolio in a short period.
In this article, we have covered the market sentiments and analysis of Ordi (ORDI) and SATS (1000SATS) tokens and have also covered their short-term price targets.
Order Price Analysis (ORDI):
With a 181.2% increase in trading volume and a 17.04% increase in valuation over the past day, Order Price is hovering near its important resistance level, indicating an increase in bullish sentiment for the Ordinal token in the cryptocurrency market.
TradingView: ORDI/USDT
The technical indicator, SMA, supports the price chart on the 1D time frame, indicating greater bullish influence for the ORDI token in the crypto space.
The Relative Strength Index (RSI) successfully retests its midpoint, recording a significant increase towards its overbought range. Furthermore, the average registers growing bullish sentiment, highlighting a positive outlook for the BRC20 token.
If the market pushes the ORDI coin price above the $50.75 resistance level, the bulls will get ready to test its upper resistance level of $62 in the coming times. However, a bearish trend reversal could lead to the altcoin plummeting towards its support at $39.75.
1000SATS Price Action:
Despite increased price volatility in the cryptocurrency market, the SATS coin price continues to show weak price action, trading in a closed range between $0.0000002535 and $0.0000003845. Furthermore, this BRC 20 token gained 8% in the last day and 30.34% in the last 30 days.
TradingView: SATS/USDT
With a trading price of $0.0000003501, a circulating supply of 2.1 trillion and a market capitalization of $728.69 million, SATS (1000SATS) price has secured the 120th place on the global market list of cryptocurrencies.
The technical indicator, RSI, continues to trade above the neutral point, indicating increased buying pressure within the cryptocurrency market. Furthermore, the average supports the indicator, suggesting that the price will continue to gain value in the coming period.
If the bulls continue to trade in the green, the SATS cryptocurrency price will prepare to test its upper resistance level of $0.0000005510. On the contrary, if the bears get the better of the bulls, the price of the 1000SATS coin will plummet towards the crucial support level of $0.0000002535.
Also check: Consolidating Altcoin Market Cap Before a Big Breakout: Here’s When an Altseason Can Start