OKB’s price has recently taken a bearish turn after facing rejection from $56.00. The present price action is creating a moment of anticipation for the Investors. The price of OKB saw a sharp downfall of 21% recently within the last 21 days. Presently, it is consolidating near the 50 EMA though the price is expected to see a further decline of 5% falling near the 100 EMA before making a reversal in the bullish direction.
OKB Price is Trading Near its Demand level near 100 EMA
Previously, the price reached its all-time high at the $56 mark, it gained more than twice of its value in the overall bull trend. The sentiments of the Investors have been trading in the bullish zone for the past few months taking constant support from the 100 EMA. The price has not given a close below its major support levels in the last 7 months on the daily timeframe.
In the previous analysis, it was estimated that the price of OKB may take support from its support zone near $40.00 above the 100 EMA and make a bullish rally before taking a trend reversal. According to the estimation, the price made a bullish move of 40% after it made a bearish reversal though the trend is yet to change.
Technical Analysis ( 1 Day Timeframe )
The oscillator’s Stochastic RSI is currently near the oversold levels. The %K line is moving near 16.08 points and it has recently crossed above the %D line. The stochastic RSI line is steadily crossing above 30 RSI points. The oscillators are giving positive indications of a bullish reversal.
The RSI line is taking a reversal from the median line where the 14 SMA is providing resistance to it. The current value of RSI is 45.75 points and the 14 SMA is at 49.32 points.
Conclusion
At present, the price is indicating a struggle between the buyers and sellers to take command of the OKB token. Though the Bulls have an edge over the price action as the price of OKB is trading above all the major EMA’s. It is predicted to see an increase in value within the next few weeks. Investors may prefer an engulfing candle from its recent support level where the oscillators are trading near the oversold level.
The Investors may start showing interest in the price and it would be reflected in the price action.
Technical levels:
Support -$40.00
Resistance – $55.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/05/okb-price-analysis-okb-price-trading-near-critical-support/