NEW DELHI (CoinChapter.com) — ORDI, a crypto token associated with the Bitcoin Ordinals Protocol, surged more than 85% to reach $13.3 on Nov. 7 after news of an exchange listing brought buyers to the market.
Binance announced its decision to list the ORDI token on its platform, with trading to begin on Nov. 7 at 10:00 (UTC). The exchange has listed ORDI/BTC, ORDI/USDT, and ORDI/TRY trading pairs on its platform.
Per Binance’s announcement, ORDI withdrawals will begin on Nov. 8. Furthermore, the exchange will add ORDI as a borrowable asset on the Isolated Margin. However, Binance warned that it would apply the ‘Seed Tag‘ to the ORDI token.
ORDI is a relatively new token that poses a higher-than-normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to ORDI’s fundamentals
Binance told users in its announcement
The Seed Tag has replaced Binance’s Innovation Zone. The exchange uses the tag for all the tokens with high volatility risks. Furthermore, Binance revealed a reward of 50 USDT for the first 1,000 users who deposit at least 72 ORDI tokens.
Traders Begin Booking Profits After ORDI Price Surge
Meanwhile, traders began booking profits following the spike in ORDI price. The token’s price re-entered the double-digit region for the first time since May 21 earlier this year. However, if the bears continue to book profits, ORDI prices could drop to the support near $11.34.
Moreover, if the immediate support fails, bulls would be forced to defend the support near $9.
However, the recent rally has helped ORDI’s 50-day EMA (the purple wave) move above the 100-day EMA (the blue wave) to form a bullish pattern called the ‘Golden Cross.’
Traders consider the pattern an indicator of positive market sentiment and a buy signal. Hence, if more buyers enter the market, the ORDI price could reach the resistance near $14.2.
Moreover, breaking and consolidating above the immediate resistance could help ORDI price target the resistance near $16.2 before correcting.
The RSI for ORDI was overbought, with a score of 91.52 on the daily charts, which could become a bearish cue for the token.
What Are Bitcoin Ordinals?
Bitcoin Ordinals is a protocol that allows users to assign and transact a unique identifier to individual Satoshis with extra data. Satoshis are Bitcoin’s smallest unit, with each Bitcoin equal to 100 million Satoshis.
Since the size of Satoshis is very small, often, the data each Satoshi contains is either an inscription or an image. Essentially, Ordinals function as Non-Fungible Tokens built and secured on the Bitcoin network.
ORDI tokens are tied to Bitcoin Ordinals.