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- 1 OKB price taking resistance from the 50-day EMA.
- 2 The current OKB price is $45.32 with a change in 24-hour trading volume of $12.92.
OKB price has been bullish for the past few months while respecting its 100-day EMA. However, it recently broke its bull trend with a strong bearish candle early March breaking the trend line around $47.00 making a bearish candle pattern of three black crows and a downfall of 18 percent. The breakout was followed by a retest where the price tried to reclaim the previous trend.
The OKB Price Breaks Bull Trend (1 Day Time frame)
According to the Greed and Fear Index provided by Alternative(dot)me, the overall market sentiment is in the greed zone with around 57 points. The Index saw a slight decline of 3 percent in recent days where the market was trading around 62 points.
Technical Analysis (On 1 Day Timeframe)
As of now, after taking a bearish correction of 15 percent, OKB price is making a double bottom pattern while taking support at around $44.00 on the 4-hour time frame. However, as it is trading below the 200-day EMA and facing resistance from it the chances of OKB price making a bullish recovery are slim. The price is currently trading above the 50-day EMA on the daily timeframe. If it takes resistance from the 50-day EMA, the price can could fall 13 percent. However, if the price takes support from the 50-day EMA it could give a rally of 15 percent.
Conclusion
After the breakdown, by breaking the support level around $48.00, the price gave a downfall of 18 percent although after taking support from $38.00 .OKB price did make a bullish rally of about 20 percent. It retested the trend line unsuccessfully taking a rejection from $52.00 while also making a double bottom kind of pattern and made a correction of 15 percent.
Technical levels –
Support – $43.67 and $39.18
Resistance – $52.00 and $56.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
