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OKB is gearing up for the $50 level as it registers successive price gains over the past few days. The token’s impressive moves sparked speculations that it might soon touch $50 or above.
At the time of writing, OKB has recorded 11% price gains over the past week and is trading at $47.75. Following its historical data, OKB traded above $57 on February 18 before starting a decline that sent it below $50. However, its recent moves suggest a possibility of beating the $50 mark once more.
OKB Price Rallies After OKX Mints Hong Kong Web3 Festival Tickets
OKB observed notable progress through its price journey since the start of January. The token opened on January 1 at $26.01. It rose consistently to a new high of $58.46 on February 18 before succumbing to the downturn. Amid the previous market-wide bearish trend, OKB lost most of its gains, correcting to $40.27 on March 11. However, it has resumed its rally since the recent improvement in the cryptocurrency market.
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As a cryptocurrency exchange, OKX (the platform behind OKB) has engaged in several activities to boost community sentiment. For instance, OKX is the exclusive ticket service provider for the Hong Kong Web3 Festival 2023, scheduled to hold on April 12. The Hong Kong Web3 Festival is a leading Web3 event that hosts over 10,000 attendees, 300 speakers, and 80 projects.
On March 14, OKX announced promo ticket sales for the Hong Kong Web3 Festival 2023. According to the announcement, OKX will offer a 25% discount and exclusive NFT airdrops to users who buy the first 1000 tickets on the OKX NFT marketplace.
The ticket sales started on March 14 and would end on the 31st. It would see several Web3 contributors, developers, and enthusiasts purchase tickets for the event and could be among the factors pushing OKB’s price. OKB registered a 10.7% price gain on March 14 after the announcement.
The new OKX Web3 Yield Aggregator, which allows users to earn up to 30% Annual Percentage Rate (APR), might also push OKB’s price forward. The yield aggregator allows investors access to several yield information and products on multichain protocols and supports investment across many tokens.
OKB Price Outlook
At press time, OKB is trading at $47.75, with an 8% price decline over the past 24 hours. OKB sentiment is more bullish than bearish today, while the Fear and Greed Index is neutral. OKB price prediction suggests it may increase by 35.08% and reach $64.93 by March 20, 2023.
According to a price analysis by The Signalyst on Trading View, OKB’s overall sentiment is bullish while retesting a strong demand zone. However, from the short-term perspective, the coin is bearish as it trades inside the red channel. OKB must form a new high and break above the upper red trend line and red zone for the bulls to take control.