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- 1 OKB price is trading at $43.18 while witnessing a gain of 2.15% during the intraday session.
- 2 OKB Price is trading above the 20,50,100 and 200-Day EMAs on a weekly basis.
- 3 The year-to-date return of OKB is 65.66% while the three-month return is -4.68%.
OKB price has been strongly bullish since the beginning of 2023 and formed an annual high at $58.85 on February 18. Currently, the cryptocurrency’s price is stuck in a wide consolidation zone since the formation of the annual high. The consolidation zone ranges between $38 to $56.
Recently, the OKB price reached the major support level of $38 and started to rise toward a minor resistance of $47.50 level. As the market leaders Bitcoin and Ethereum have started regaining bullish momentum, all the altcoins have also started to follow in their footsteps.
For the price to target $56, it needs to shatter the minor resistance level of $47.5. A break and close above $50 might provide confirmation regarding the bullish move. On the other hand, if the OKB price rejects $47.50, there is a possibility for the price to retrace back to the major support level of $39.
OKB Token Burned Worth $258 Billion
OKX, the eighth largest cryptocurrency exchange in the world, has recently burned around $258 billion worth of its native coin, OKB. This happened between March to May of this year in order to reduce its market supply. This planned course of action led to an increase in the return of OKB while the wider cryptocurrency market remained relatively flat.
Two major cryptocurrency exchanges, Coinbase and Binance, have been sued by the United States Securities And Exchange Commission (SEC) in the previous weeks. As a result, traders might be seeking alternative places to trade which could prove to be beneficial for OKX’s inflows.
The crypto market has started to gain momentum and OKB is down by 26.4% from its all-time high of $58.85. A break above $56 would confirm a move toward its all-time high.
Will OKB Price Break Its All-time High?
OKB price trades above the 20,50,100 and 200-day EMAs on a weekly basis, indicating bullish momentum of price on higher time frames. The Chaikin money flow score is 0.01, entering into the positive region after residing below the 0 mark, indicating a rise in the participation of buyers.
RSI trades at 51.21 and is headed toward the 60 mark, indicating increased strength in the market. The bollinger bands have expanded, indicating high volatility in the market. The OKB price touched the lower band of bollinger and then started to rise. The cryptocurrency’s price has crossed above the 20-day SMA of the bollinger and the upper band resides at the minor resistance level.
Conclusion
The market structure and price action of OKB is bullish and the price is headed toward the minor resistance of $47.50. The technical indicators are favoring the buying side.
Technical levels
Major support: $39 and $36
Major resistance: $47.50 and $56
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.