OKB Shows Strong Bullish Momentum With $250 Target in Sight

• 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.

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