High volatility expected as ORDI emerges as the leading beneficiary
The native token of the Ordinals protocol, known as ORDI, has emerged as the top performer among the top 100 cryptocurrencies. This comes as a key indicator suggests that the asset is highly volatile.
At the time of writing, ORDI is trading at $70.3, reflecting a 14% increase in the past 24 hours. As a result of this price surge, the asset’s market cap has reached $1.47 billion, making it the 53rd-largest digital currency.
According to data from Santiment, there has been a 6% decline in crypto conversations about ORDI on social media over the past 24 hours.
Santiment’s data also reveals that ORDI’s Relative Strength Index (RSI) currently stands at 67, which is a significant increase from its previous mark of 35 on February 4. This suggests that there may be whale manipulation at play for ORDI, and high volatility is expected until there are further price movements. To maintain a bullish stance, ORDI’s RSI would need to remain below the 50 mark.
The surge in ORDI’s price coincides with Bitcoin surpassing the $50,000 mark.
On the other hand, the total open interest (OI) in ORDI perpetual contracts has seen a 22% increase in the past 24 hours, rising from $116.8 million to $142.5 million, as reported by Santiment. Additionally, the ORDI Binance funding rate has increased from 0.01% to 0.02%, indicating that the number of long-position futures contracts has slightly increased and traders are betting on further price increases.
In other news, the criminal sentencing of Changpeng Zhao has been postponed to late April.
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