OKB Holds 16% Gains When Majority Of Tokens Shrink
- Posted on February 6, 2023
- News
- By Mark Otto
- 181 Views
The general cryptocurrency market cap is down today by 0.73% at $1.06 trillion, But OKB is still recording positive price momentum today despite the general slump. The token has enjoyed a steady rise on the price charts since January 2023.
OKB is trading above $40 as bulls drive its price. This positive price pattern could be attributed to several announcements and partnerships within the OKB ecosystem.
What Is Behind OKB’s Rally?
OKB set a new all-time high on February 6, 2023, of $45.20. Although the asset’s price has retraced slightly below that level, it continues to trade in the green. Let’s consider some factors that might be driving the current positive trend.
The OKX network hinted at big news that will drop next week. The announcement has thrown the community into a frenzy, with users wondering what the development team has planned. This news links to Floki, a popular crypto project. Floki partnered with CherrySwap, the largest decentralized exchange (DEX) on the OKX blockchain.
OKX’s successful collaboration with Floki on projects in the past makes this announcement a welcome development to its users. So, members of the OKX community anticipate whatever is coming as positive and could extend the current bullish trend.
Most cryptocurrencies benefit from this social media hype and positive news in their ecosystem. So this anticipation could be fuelling the OKB price momentum.
Secondly, OKX, the network behind the OKB project, launched its self-custodial wallet and an all-in-one wallet. The wallet serves as an NFT marketplace, decentralized applications (DApps), Decentralized Exchange, and DeFi Yield; such projects can also help an asset’s price. They might push the current OKB rally further.
OKB Price Prediction, Is This Rally Sustainable?
The token is currently in an uptrend, trading at $44.01 after hitting a new all-time high of $45.20. The candlesticks formation is in an ascending triangle pattern with higher highs and higher lows on the price chart. This price uptick can be traced back to the golden cross formation on the chart when the 50-day Simple Moving Average crossed over the 200-day SMA. Since then, the price has increased gradually.
OKB is trading above its 50-day and 200-day SMA indicating that the price sentiment for the short-term and long-term is bullish. The asset is currently trading inside a price channel. It will likely break to the channel’s upside if it can overcome the closest resistance level of $46.14. The support levels are $36.99, $38.69, and $41.57, while the resistance levels are $46.14, $47.83, and $50.71.
The Relative Strength Index (RSI) was in the overbought zone above 70 earlier today but retraced to 64.34. It will likely return to the overbought region if the bulls sustain their charge. The Moving Average Convergence/Divergence (MACD) is above its signal line and is pointing upwards. It reflects the superiority of the bulls in the market at the moment.
Expect OKB to pull back slightly before it rises again, surpassing its all-time high as it breaks the $46.14 resistance. However, if the asset loses its price momentum, it might be challenging to rally back to its former price.
Altcoins and meme coins have a lower market cap when compared to market leader Bitcoin. So they can deviate from their past price behavior and lose 50% of their value. At that level, it is usually harder to rally back to their original price due to the speculative nature of the crypto market. So investors must consider this.
Source: NewsBTC
