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Top BRC-20 Altcoins Continue Bleeding! Will Ordinal Tokens Surge Post-Halving?

Apr 17, 2024

The recent market correction in the crypto industry has led to Bitcoin losing approximately 8% of its value in the past week. As a result, top BRC-20 tokens have also experienced significant losses in their portfolios.

Additionally, tokens such as ORDI and SATS have seen considerable drops of 39% and 42% respectively in their value over the last week, signaling a heightened selling pressure in the cryptocurrency market.

Ordi (ORDI):

The Ordi token has exhibited high volatility in its price chart by trading within a range of $50.67 to $84.50 since February. However, due to the recent market turmoil, ORDI has broken its crucial support level at $50.675.

At present, the trading price of ORDI stands at $43.716, reflecting a 40% decline in the past week. The year-to-date performance of ORDI is -49.95%, indicating a waning investor interest in this token.

Technical indicators like MACD and EMA 50-day suggest a negative price trend for ORDI in the near future. If the market picks up momentum post-Bitcoin Halving, Ordi's price might test the upper resistance level of $73.175. Conversely, a bearish market could see ORDI plummet towards $28.

PUPS (Ordinals):

After a significant surge in valuation post-launch, the PUPS token witnessed a correction of 85% following its all-time high of $452.66 on 09th April. Currently, PUPS trades within a range of $55.50 to $67.

The MACD indicator and EMA 50-day reflect uncertainty in PUPS's future price action. If the price surpasses $67, the bulls may regain control and target the resistance level of $93. On the contrary, continued bearish pressure could push PUPS towards $44.

Bitcoin Wizards (WZRD):

Bitcoin Wizards is an Ordinal NFT project created by Mavensbot to commemorate the 10th anniversary of Magic Internet Money. This project launched to celebrate the iconic advertisement promoting the Bitcoin subreddit in 2013.

The current price of one WZRD token is $9.07, with a 24-hour trading volume of $10.41 million and a market capitalization of $190.58 million. With a total supply of 21 million WZRD tokens, the price of WZRD has shown extreme volatility, hitting a low of $0.00522 and an all-time high of $197.75 within a week.

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