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OKEx’s exchange token, OKB (OKB) has followed the general trend in the crypto markets during the past few days. Bitcoin (BTC) took a small dip below $9k but quickly rebounded, and OKB mirrored this performance with a successful test of its local channel bottom. Overall the token remains stable, and may yet build a base for higher upward moves.
Starting on the daily, we focus on regional price action. We can see an unbroken channel has been held since the start of May, and which was tested on the downside yesterday. This level held, and held with both higher RSI and histogram performance.
OKB chart by TradingView
From here, it is reasonable to expect a short uptrend to obtain and continue up to the top of the channel, up to $5.50.
Coming down to the 4-hour, we notice most of all that volume has built back up on the OKEx exchange. Yesterday’s bump saw price break out of a smaller, local channel at about $5.09; but this level could not be held even if the lower bound of that channel has been at about $4.96.
OKB chart by TradingView
Although the RSI got a major bump, we didn’t see any bull divergences to precede this price action – which would have been better. The histogram looks alright, and we may see another bullish expansion within the next days.
Finally, on the weekly chart, we see a pretty flat and neutral picture. Much here depends on holding the 21-week EMA; building a base here would be very bullish and allow OKB to quickly respond if the general crypto markets turn up, out of their slumber.
OKB chart by TradingView
The histogram has been bearish the past month, and although we will probably see a small oscillation back to the upside now, the general tenor here is down. This suggests we could indeed see a return to $4 and the 55 EMA, and cancel the strong base-building outlined above.
OKB is very neutral now. Its post-March recovery has peaked, and now we wait to see how well it can hold those gains – which is largely tied to the larger crypto picture driven by Bitcoin and Ethereum (ETH).
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