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05/31/2024

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Bitcoin Ordinals (BRC-20) Tokens Surge Amid Market Consolidation

Bitcoin has had a neutral trading week, with its price fluctuating by less than 2% over the past seven days, indicating a pause in its price action. However, Bitcoin Ordinals (BRC-20) tokens have shown strong bullish behavior, adding significant value in a short time.

Bitcoin Ordinals (BRC-20) Tokens Surge Amid Market Consolidation

Bitcoin has had a neutral trading week, with its price fluctuating by less than 2% over the past seven days, indicating a pause in its price action. However, Bitcoin Ordinals (BRC-20) tokens have shown strong bullish behavior, adding significant value in a short time.

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In this article, we discuss the market sentiments and analysis of Ordi (ORDI) and SATS (1000SATS) tokens and their short-term price targets.

Bullish Sentiment Grows for Ordi (ORDI) Token

Ordi’s trading volume has jumped by 181.2%, and its valuation has increased by 17.04% within the past day. The Ordi price is now hovering close to its important resistance level, indicating a rise in bullish sentiment for this Ordinal token in the crypto market.

Technical indicators, like the SMA, support the price chart in the 1-day time frame, showing increased bullish influence for the ORDI token in the crypto space.

TradingView: ORDI/USDT

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The Relative Strength Index (RSI) has successfully retested its midpoint, leading to a significant rise towards its overbought range. This upward movement highlights a positive outlook for the BRC-20 token.

If the market pushes the ORDI coin price above the resistance level of $50.75, the bulls will aim to test the upper resistance level of $62 soon. However, if a bearish trend reversal occurs, the altcoin could drop towards its support level of $39.75.

SATS Coin Price Analysis and Future Outlook

Despite increased price volatility in the crypto market, the SATS coin price has remained within a tight trading range of $0.0000002535 to $0.0000003845. Over the past day, the SATS token has gained 8%, and over the past 30 days, it has increased by 30.34%.

Currently trading at $0.0000003501, with a circulating supply of 2.1 trillion and a market cap of $728.69 million, SATS (1000SATS) has secured the 120th spot in the global cryptocurrency market rankings.

TradingView: SATS/USDT

The technical indicator, RSI, continues to trade above the neutral point, indicating increased buying pressure within the market. This bullish sentiment is supported by other indicators, suggesting the price may continue to rise in the near future.

If the bullish momentum continues, the SATS crypto price could test its upper resistance level of $0.0000005510. However, if the bears gain control, the 1000SATS coin price may drop towards its crucial support level of $0.0000002535.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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