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- OKB crypto price breakout previous week high at $27.677 and formed a strong bullish candle
- The OKB token forming a higher highs candle denotes bulls dominance on the lower levels
OKB Price is trading with bullish cues and likely to continue its upside movement in coming weeks.Recently, prices had broken out of a 2 months consolidation zone which triggered positive sentiment and prices shot up 26% approx in just a couple of days.Currently, OKB/USDT is trading at $30.362 with the intraday gains of 10.54% and 24 hour volume to market ratio stood at 0.0286
More upside possible in OKB price ?
On a daily time frame, the OKB price is in a strong uptrend and heading upwards while forming higher high swings indicates bulls dominance on lower levels. In November, OKB prices breakout from $16.000 level with more than an average volume and shot up almost 48% in just a short span of time and hit a high at $24.000, denoting some genuine buyers might have taken the long positions. Later, prices witnessed minor corrections from the $24.000 resistance level but it converted as a buying opportunity and prices continued its upside momentum.
The 200 day EMA (green) sloping upwards indicates a trend to remain strong on a positional basis and the 50 day EMA (yellow) at $22.00 will act as a strong support in the coming week if any minor sell off triggered from the current levels. On a higher side $34.000 will act as immediate resistance in coming days followed by next will be at 43.000 levels. The MACD had generated positive crossover indicating prices may continue its upside momentum whereas RSI at 83 (overbought zone) denotes prices likely to witness a minor cool off from the higher levels.
OKB seems to be overvalued ?
On a lower time frame, OKB prices seem to be highly bullish and likely to outperform in coming weeks. Recently, bulls had succeeded to break out of the resistance level of $24.000 with a bullish candle, which triggered positive sentiment and led the prices to shot up almost 25% and hit a high at $30.600 indicating bulls dominance on lower levels. The supertrend indicator had generated a buy signal and green line kept on trailing higher indicates short term trend to remain on bear grip. However, if prices slipped below $24.000 we may see short term bearish trend reversal.
Summary
OKB prices are trading with strong bullish momentum and bulls are likely to continue its dominance in current levels. As per technical analysis, prices are in the favor of bulls and any dips towards $24.000 would be an opportunity for investors to accumulate at lower levels. As of now, aggressive traders might look for buy opportunities for the target of $34.000 and above by keeping $25.000 as SL. However, If prices slips below $24.000 bear’s may try to drag the prices down towards $19.000 levels.
Technical levels
Resistance levels : $34.00 and $43.00
Support levels : $24.00 and $19.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
