OKB Technical Analysis: Strong Support Zone of $32.281
OKB is a blockchain-based cryptocurrency that operates on the Ethereum platform. It is a global utility token that is issued by the OK Blockchain Foundation. The community provides various services where the OKB can be used. The services include security, financial, and utility services. The following OKB technical analysis is as follows:
On May 1, 2021, the coin gave around 72% return from its low point. And it has risen from $30.32 to $44.17 in the last seven days. Thus, the past week has proven to be very bullish for OKB. In the last 24h, OKB has traded between $31.68 to $35.67, thus generating a volatility gap of 2.5%.
Day-Ahead and Tomorrow
Let’s find out what the technical indicators predict about the future. Currently, OKB is trading at $34.95 up by almost about 3% from the day’s low. Hinting a short-term bullish tick.
However, the RSI is in an overbought zone, and being a leading indicator it can indicate a price reversal from the levels if supported well by the volumes. RSI is suggesting a small pullback from this level on a daily chart.
To support the leading indicator we can see that the MACD line is way above the signal line. The market momentum feels a bearish one. Both the lines are looking for a 23.5% retracement, if the signal line crossover from above the MACD line we can confirm that we are in a bullish trend.
OKB Technical Analysis
Important levels to look for if it enters into a bearish trend the levels to look at on the downside are. $32.281 is a strong support zone if it breaks it on the downside then we will be sure of the bearish trend and then $28.641 can be a good level to watch out for.
On the bullish side, if OKB breaks the level of $37.476 on the upside we can see it retest the level of $44, which has seen to be strong resistance. If it breaks out of the $44 level then we can be again in a bullish trend and can place a long call.