OKT Price Prediction: OKT Rises 23% in 24 hours. Can It Achieve a New High Above $35?

OKT is making new strides this month. The token is in a recovery process after it experienced a fall in price when FTX collapsed, dipping to $14. However, the coin made a massive comeback in the last 24 hours, rising to its new price today by 23%. Is OKT worth investing in now?

OKC (OKT) Tokenomics and Statistics

OKC investors have seen a significant increase in the value of their holdings in the short term, with the coin’s price experiencing a substantial boost in just the last 24 hours. The coin’s value has steadily appreciated over the past week, suggesting sustained demand from buyers.

OKT is a decentralized cryptocurrency that operates on the OKEx blockchain. It was created to provide a fast and efficient way to make transactions and exchange value without intermediaries. OKT’s market cap has been growing steadily over the past few months, and this recent surge in price is a testament to its growing popularity.

At the time of this writing, OKC (OKT) is trading at $31.58, with a 24-hour trading volume of $15,141,260. This marks a significant price surge of 23.90% over the last 24 hours and a more modest increase of 6.00% in the past week. The current supply of OKT is 18 million tokens, with a total market capitalization of $564,288,150.

With a circulating supply of 18 million tokens, OKC has a relatively limited supply, which can contribute to increased volatility in its price. Nevertheless, the coin’s current market capitalization highlights its growing importance in the broader cryptocurrency market as investors seek new investment and diversification opportunities.

Both OKExChain and OKBChain are separate blockchain projects, and they serve different purposes. OKExChain is more focused on providing a decentralized platform for developers to build and deploy dApps, while OKBChain is more focused on providing business solutions to enterprises

— EthereumFair($ETHF) #PeoplePOW (@EthereumFair) February 16, 2023

The price of OKT has had a massive fall in recent years after hitting its all-time high in May 2021. Generally, the coin has fallen 87% from its ATH. However, the beginning of 2023 saw the coin rising from its Bottom of $13, where it has been on consolidation.

OKT Indicator Price Analysis: Is a New High In Play?

OKExChain has been exhibiting bullish signals, trading above its 200-day simple moving average (SMA) for the past 74 days since December 8, 2022, with the indicator signaling a BUY. Additionally, the price of OKExChain is currently trading above its 50-day SMA, which has also been signaling a BUY for the last 24 hours.

Based on these technical indicators, OKExChain’s 200-day SMA will continue to rise in the next month and reach $22.30 by March 21, 2023. Meanwhile, the short-term 50-day SMA is projected to hit $30.35 by the same date.

Currently, the RSI value for OKExChain is at 57.39, which indicates that the market is in a neutral position. The Relative Strength Index (RSI) is a popular momentum oscillator that indicates whether a cryptocurrency is oversold (below 30) or overbought (above 70). 

OKT Price Prediction: OKT/USDT Daily Chart Analysis

The price of OKT hit its bottom at $13, sending it to a consolidation phase that has lasted half a year since July 2022. The market price, however, began to rise within the consolidation towards the Q4 of 2022.

The onset of 2023 saw the price of OKT break out above the consolidation phase in an upward channel, reaching the resistance at $35. This is followed by a short reversal closing below the channel. However, the price bounced back to settle at $31.02.

Based on the technical and fundamental analysis above, we can predict that the price of OKT will reach $40 by the end of March 2023. At this level, the double-top pattern will be formed, which might force the price of OKT to fall.

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