thecoinrepublic.com
- 1 OKB price has witnessed a surge of roughly 16.68% since 4th August, 2023.
- 2 OKB price has positively crossed all the major exponential moving averages.
- 3 The year-to-date return of OKB is 83.58%.
OKB price has been flying high since the formation of the support level at $41.90 on 4 August and has broken the major resistance of $48. The cryptocurrency price has surged roughly 16.68% and formed a high of $48.77.
OKB price did not show any signs of strong bullishness during the second half of July 2023 but entered into August 2023 with a bang. Since the past week, OKB has become the top gainer in the crypto industry with a strong bullish rally.
Reason Behind The Strong Surge Of OKB
OKX exchange investment arm recently announced a $1 Million Series A stake in Moonbox which is a Hong Kong-based AI/Web3 start-up. The announcement induced bullish momentum in the price on August 4th, 2023. OKX will also headline the token 2049 conference which was confirmed by the team on August 7.
Following positive media updates, OKB has attracted new users to the ecosystem. According to Santiment, a behavior analytics platform showed that OKB has a low network growth score of 3 on 2nd August. Network growth metrics tell users about the number of new addresses that transferred OKB token for the first time.
After the announcement regarding the token 2049 conference, the network growth score soared to 22, an increase of about 630%. If user adoption continues at the current rate, the bullish momentum will rise and push the price to a new all-time high.
Looking at the current market structure, the current candle has turned bearish after breaking the high of the previous candle indicating that bears have started to enter the market.
If the bullish momentum continues, there is a possibility that the price might head toward the next resistance level of $53.60. The buyers also need to push prices above the $50 psychological level.
Will OKB Price Continue Rising Higher?
The cryptocurrency price has jumped above 20, 50, 100, and 200-day exponential moving averages, indicating bullish momentum. Chaikin money flow (CMF) score is 0.33 implying strong bullish strength in the market.
The relative strength index has also entered into an overbought zone and currently trades at 73.24 indicating the possibility of short-term pull and support formation to rise further. OKB price has also started to show signs of a pullback.
The Bollinger bands have also expanded indicating a rise in volatility. The price has crossed above the upper band of Bollinger which also indicates the possibility of a pullback to a 20-day SMA.
Conclusion
The market structure and price action of OKB is strongly bullish since 4th August 2023 but some of the technical parameters are showing the chance of a short-term pullback. The OKB bulls are likely to push the price above the $50 hurdle to hit a new all-time high.
Technical Levels
- Major support: $45 and $41.90
- Major resistance: $53.60 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.