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- OKB indicates that it has entered an uptrend by constantly forming higher highs and higher lows.
- Indicators generate a buy signal for the token.
- A Golden Crossover has also taken place on charts which serves as an additional confirmation to its bull rise.
The technical analysts may have observed that the OKB token recently crossed its major resistance and showed a bullish rise. Apart from this, they may have also noticed that the token previously after hitting this major resistance, showed a pull back and then consolidated for a little while before making the current bull surge. Along with this, it can also be observed that the token has entered an uptrend
OKB token shows a bullish surge on the daily chart
On the daily chart, it can be seen that the token moved in a sideways trend for a long time before making a bullish surge from its support level. The Golden Crossover that occurred on the major support level, that is, around $15.259, along with some other factors may be the reason behind this great bull surge.
The MACD indicator has demonstrated a bullish crossover, indicating that bulls have gained the upper hand over bears and may now be in a position to push the prices higher. The RSI curve, on the other hand, is trading over its 50-point level at 71.11 at the current moment. As the price of the token increases more, the RSI curve’s value may appear to increase even more.
Overall, both the indicators, that is, MACD and RSI are providing a buy signal for the token.
OKB displays double bottom pattern on the short-term chart
Investors may have noted the breakout of a double bottom pattern on the short-term chart which was followed by a spike in token prices. Right now, by looking at the chart, it appears that the token may consolidate for a little while at current price levels, before resuming its bullish rise. Apart from this, similar to the daily chart, the Golden Crossover has also occurred on the short-term chart.
Conclusion
Investors after examining the daily and short-term charts may have concluded that the token may look to consolidate for a short period of time and then may exit this consolidation zone on the upside to continue its bull rally, Moreover, the Golden Crossover that has occurred on the charts serves as an additional confirmation to the token’s bullish move.
Technical Levels
Resistance level – $51.668
Support levels – $21.016 and $15.259
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.