The Ordinals protocol is composed of two key elements: Ordinals and Inscription. Ordinals allow for the serialisation of satoshis (1 BTC = 100,000,000 sats), facilitating the tracking and transfer of individual satoshis. Once serialised, content can be embedded into the transaction’s “Segregated Witness (SegWit) area” and linked to the first satoshi of the transaction output. Inscription refers to the content stored within these satoshis, including images, text, audio, video, or even code, provided the total size does not exceed the 4MB limit of a Bitcoin block. The Ordinals protocol is highly versatile, enabling the creation of NFTs and tokens.
At the time of writing, ORDI was trading at $42.92.
ORDI after making the top of $97 witnessed a sharp fall and the prices corrected almost by 67.9% and dropped to $31.1. The asset made a ‘Long Legged Doji’ candle at the recent low of $31.1 indicating indecision in the downtrend. After this move, Ordi is consolidating and trading from $34.5 to $44.5 with low volumes. Breakouts on either side of the range with good volumes will further decide the trend for the asset. $33 to $31 will act as a strong support zone whereas $51 will act as a strong resistance.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $31 | $35 | ORDI | $51 | $65 |
