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- $OKB is showing bullish momentum on the daily technical chart.
- $OKB price is up by almost 8% in the last 24 hours, and the trading volume is up by almost 70% showing buyers’ dominance.
$OKB is showing very good bullish momentum on the daily chart, as the altcoin trades at $176.36 following a massive increase since it hit the $50 support level. CoinMarketCap data show that the token has appreciated by about 8% in the past 24 hours, with a spectacular 70% increase in trading volume, a clear sign of buyer dominance in the ongoing market cycle.
The technical arrangement is quite conducive even after the recent profit-taking exercise. $OKB is trading far above both major exponential moving averages; the 50-day EMA is at $116.12, and the 200-day EMA is at $71.22. This cross structure of the short-term moving average over the long-term moving average is a traditional indicator of long-term upward movement and the structure of the bullish trend.
The market sentiment indicators are producing a positive picture across the board. The sentiment reading of 4.26 represents a positive market psychology, whereas the RSI of 69.15 represents a strong momentum without overbought territory. The RSI is currently nearing the 70 mark, but still has room to continue increasing without indicating possible exhaustion.
What Next For $OKB Price?
The MACD indicator shows a mixed and mostly optimistic picture. Although the histogram indicates some bearish crossover at -4.55, the MACD line is still positive at 23.27, which indicates that the underlying bullish movement is not yet over. This transient bearish cross is probably due to the recent profit-booking period and not a change in the direction of the trend.
The current downward trend compared with the high of $250 seems to be a good correction due to profit-taking following the massive upward movement. These pullbacks are common in robust uptrends and usually give new buyers a chance to join the positions. The volume profile in this correction has been comparatively contained, in line with the opinion that this is short-term consolidation and not a trend reversal.
In the future, the technical analysis indicates that the bullish trend will persist. The second important target is the one at $250, which was the last high that caused the recent profit taking. With the high level of volume support, positive sentiment readings, and good alignment of the moving averages, $OKB seems to be in a good position to break this level of resistance when the current consolidation period is over.