OKB is the prime utility token issued by the OK Blockchain Foundation. With OKB tokens, users can get trading discounts of up to 40%, passive income, and the opportunity to participate in high-quality blockchain projects. The OkexChain blockchain network also plans to introduce more tokens post the main net launch. The OKB technical analysis is as follows:
On May 26, 2021, OKB opened at $14.57. On Jun 1, 2021, OKB closed at $13.18. Thus, in the past week, the OKB price has decreased by approximately 9.5%. In the last 24 hours, OKB has traded between $13.10-$13.57.
Day-Ahead and Tomorrow
Currently, OKB is trading at $13.47. The price has increased from the day’s opening price of $13.18. Thus, the market seems bearish.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are closer to the zero line and may change signs soon. Hence, the price may decrease further.
Currently, the RSI indicator is at 51%. It faced rejection at 56% and fell to this level. Thus, selling pressures are higher than buying pressures. Hence, the OKB price may go down further.
However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. There is bullish divergence here. High buying activity will exert upward pressure on the OKB price.
In a nutshell, when we look at all three oscillators together, we can say that the price may continue to decline for some more time. Thereafter, we have to wait and watch if a bearish trend reversal occurs and the price starts rising.
OKB Technical Analysis
Currently, the price is below the first Fibonacci pivot resistance level of $13.46. The price may soon fall below the first Fibonacci pivot point of $13.28. Thereafter, we have to wait and watch if the price starts increasing.
The price has tested and fallen below the 23.6% FIB retracement level of $13.45. The price is likely to soon fall below the 38.2% FIB retracement level of $13.39 as well. If by day end, the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price upswing is likely to continue tomorrow as well.