OKB Technical Analysis: Expect Price to Breakout of $21.19 and $22.20
OKB is a utility token issued by the OK Blockchain Foundation. With OKB, you can get trading discounts up to 40%, earn passive income, and participate in myriad open-source blockchain projects. The Okexchain ecosystem is soon expected to launch its mainnet that will facilitate decentralized, borderless, fast, and secure digital currency transactions. The OKB technical analysis is as follows:
On April 23, 2021, OKB started trading at $16.53. On April 29, 2021, OKB closed at $19.18. Thus, in the past week, the OKB price has surged by roughly 16%. In the last 24 hours, OKB has traded between $18.41-$21.06.
Day-Ahead and Tomorrow
Currently, OKB is trading at $20.84. The price has increased from the day’s opening price of $19.18. Thus, the market seems healthy.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a rising price trend.
Currently, the RSI indicator is at 60%. It faced rejection at 52% and rose to the current level. Thus, buying pressures are slowly increasing. Hence, like the MACD indicator, the RSI indicator is also pointing to a further price rise.
Besides, the OBV indicator is upward sloping. This implies that buying volumes are higher than selling volumes. High demand for crypto will push its price further up.
In a nutshell, all three oscillators are showing bullish signals, but intermittent price pullbacks cannot be ruled out.
OKB Technical Analysis
As per technical analysis, currently, the price is above the first Fibonacci pivot resistance level of $20.56. As all the indicators have shown positive signals, we can expect the price to break out of the subsequent resistance levels of $21.19 and $22.20 respectively, in some time.
The price has tested and broken out of the 23.6% FIB retracement level of $20.43. Hence, as of now, the bullish forces are strong. Thus, we can expect the price uptrend to continue today and tomorrow with intermittent price pullbacks as a part of the price adjustment process.