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OKB Technical Analysis: Price Took Crucial Support at $15.63 to Start an Uptrend Making a Steep Slope

source-logo  cryptoknowmics.com 20 October 2021 10:14, UTC

OKB is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange, OKEx. The exchange is one of the largest in the world and currently ranks third in liquidity, fourth in trading volume, and provides a wide selection of trading pairs. Jay Hao joined OKEx as CEO from the beginning, and he still holds the position. Hao has dedicated his career to technology and engineering. The OKB token plays an important role in the OKEx ecosystem. Let us look at the technical analysis of OKB.

Past Performance

OKB opened on 13 October 2021 at $15.99. The week witnessed a steep uptrend in the price. It closed yesterday at $19.62 with a weekly change of 22.7%.

Source: https://www.tradingview.com/x/WMXGuDp5/

OKB Technical Analysis

The OKB price took crucial support at $15.63 to start an uptrend. The uptrend is making a steep slope. The current trading price is $20.5 which is about 7.3% higher than yesterday’s close.

OBV is showing an uptrend as well. This means that the buying pressure is consistently dominating the selling pressure. This is a strong bullish signal. Traders may take a long position here.

RSI is currently at 68.29%. It is also on a sharp uptrend, meaning that the price is again likely to increase. The traders may take a long position. However, the trend may reverse itself after hitting the overbought region at 70%.

MACD, being a lagging indicator, is confirming the last week’s support and then the uptrend. This can be seen as the fast and the slow lines were overlapping each other, after which the fast line started moving upwards very quickly. There is no divergence of the MACD graph from the price chart.

Day-Ahead and Tomorrow

Fib numbers are suggesting that the next Fibonacci target is at $21.8, which is expected to reach soon.

Thus, the indicators are giving strong bullish signals. The traders may take a long position here by keeping the target at $23.49 and stop-loss at $18.073.

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