- ORDI prices have risen by 30 percent in the last seven days
- ORDI holders’ bullishness was evident across the market
Tokens of cryptocurrency ORDIThe price of, closely related to the Bitcoin Ordinals protocols, has risen by double digits over the last week. The market was in a better mood during that time, despite recent market corrections.
By the time this article was published, altcoins had risen by 30 percent in 7 days. According to Santiment, ORDI has now reached its highest trading level since April 12..
The market sentiment is bullish
ORDI’s recent price rise is due in part to its strong bullishness amongst holders, as well as the overall market growth. Santiment claims that ORDI sentiment reached a record high for three months on the 5th of June, with a weighted score of 3,49.
As of press time, this value was 2.36. Such a high value indicates that the majority of posts on social media and discussion about ORDI are bullish. The high positive value suggests that ORDI’s holders are expecting the altcoins to increase in value even further.
This was confirmed by the Futures Market activity. Since 1 May, ORDI has seen a positive funding rate on cryptocurrency exchanges.
In perpetual Futures, funding rates are applied to contracts in order to keep the price of the contract close to spot.
Positive Futures Funding Rates indicate a demand for Long Positions. The positive Futures funding rate is often considered to be a sign of a strong demand for long positions.
The token funding rate at the time this article was written, was 0.0023%.
Similarly, ORDI Futures’ open interest is also on the rise. According to, with a $294 million value at the time of press, the token’s open interest was at its highest since 13 April. Coinglass.
ORDI seeks more gains
ORDI’s setup on the 1-day graph hinted towards the potential for a short-term price rally. Key indicators of the ORDI confirmed that its current bullish direction was also strong.
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At the time of publication, for example its Elder-Ray Index had returned a positive result of 15,95. This indicator is used to measure the relationship between buyers and sellers of an asset in the market. If its value is positive then bulls are dominant on the market.
A MACD line for ORDI (blue), which signals demand, was above the signal (orange), and zero (zero) lines as of the press release. This bullish indication suggested that the coin’s long-term standard was higher than its short-term standard.
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Source: ambcrypto.com