Consider ORN Price Action
Updated
Lumia rebranded from ORN and the ORN token is still trading on coinbase with sufficient volume until coinbase plans to list Lumia. Clearly, the two continue to trade based on previous ORN price action.
We should consider that the price of ORN/LUMIA has been forming a falling wedge on the ORN chart, with lows sitting above the outside of a long descending channel. There may be potential for a breakout of this wedge, and with the low market cap of this altcoin, a large amount of volatility may ensue. Recent price action has not been very exciting, but this is to be expected when any token/coin/asset sits in a consolidation phase. However, we should not expect a continued consolidation of this alt coin for too long as there is clearly money flowing into altcoins as BTC aims to reach its new ATH. Whether or not Lumia will join the alt coin pumps is something we will have to wait for and see.
In the case of a bullish breakout, using the fib levels from the previous high could potentially yield a 100% gain. Higher targets could be considered due to ORN's previous ATH in the $35-45 range, but this is not guaranteed.
We should consider that the price of ORN/LUMIA has been forming a falling wedge on the ORN chart, with lows sitting above the outside of a long descending channel. There may be potential for a breakout of this wedge, and with the low market cap of this altcoin, a large amount of volatility may ensue. Recent price action has not been very exciting, but this is to be expected when any token/coin/asset sits in a consolidation phase. However, we should not expect a continued consolidation of this alt coin for too long as there is clearly money flowing into altcoins as BTC aims to reach its new ATH. Whether or not Lumia will join the alt coin pumps is something we will have to wait for and see.
In the case of a bullish breakout, using the fib levels from the previous high could potentially yield a 100% gain. Higher targets could be considered due to ORN's previous ATH in the $35-45 range, but this is not guaranteed.
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Very nice breakout of consolidation pattern, falling wedge formed on top of S/R flip which now appears to be making a breakout out as well. Could be the beginning of a trend reversal for this pair for this crypto bull run. It would be wise to keep an eye out on BTC price action as in the past we have always seen alts put in ATH's around the same time as BTC. And do not forget the volatility that may come from a 100mil. market cap coin.
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