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ORDI Token Skyrockets, Market Braces for Swings

Amidst the bustling crypto market, ORDI, the Ordinals protocol’s native token, has claimed the spotlight as the top performer among the top 100 cryptocurrencies by market cap. With an impressive 14% increase within the last day, ORDI’s price movement has sparked discussions about potential volatility and whale activity in the market.

Market Cap Soars as ORDI Price Hits New Heights

Trading at a robust $70.3, ORDI has seen its market capitalization swell to $1.47 billion, positioning it as the 53rd most valuable digital currency in the market. This surge has not gone unnoticed, as traders and analysts alike keep a close eye on its performance.

Social Buzz and Sentiment Analysis

Despite ORDI’s financial uptick, social media mentions have dipped by 6%, as per the latest data from Santiment. This decline in conversation could be indicative of a broader market trend or specific to the ORDI community’s sentiment.

Technical Indicators Point to Whale Play

The Relative Strength Index (RSI), a key metric for gauging market momentum, shows ORDI at a 67, up from 35 on February 4th. This sharp increase signals potential whale manipulation and suggests that investors should brace for potential price swings in the near future. For ORDI to maintain its bullish trajectory, it’s crucial for the RSI to remain under the 50 mark.

Bitcoin’s Rally and ORDI’s Correlation

As Bitcoin (BTC) breaks past the $50,000 barrier, ORDI’s own ascent parallels the market leader’s rally. This correlation is a common occurrence in the crypto space, where altcoins often follow Bitcoin’s lead.

Futures Contracts and Funding Rates Climb

The total open interest in ORDI perpetual contracts has jumped by 22%, a move from $116.8 million to $142.5 million. This uptick is a clear sign of growing investor interest in ORDI’s future price movements. Furthermore, the Binance funding rate for ORDI has doubled from 0.01% to 0.02%, indicating an increase in long-position futures contracts and an optimistic outlook among traders for the token’s price trajectory.

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