Thursday, December 9

OKB woke up to the upside and gained 50% in 7 days!

Crypto exchange OKEx’s native token woke up a few days ago; going up from $ 9.40 to $ 25. However, this change in trend also needed a correction, which ended up leaving the token near the support that is located at $ 16. Even so, this morning it woke up again, reaching $ 23 and leaving a profit of $ 7 to those who bought at the mentioned level.

Before proceeding to the analysis, we highlight that the price of OKB is $ 23.91 and records a gain in the last 24 hours of 25.64% and a gain in the last 7 days of 50.10% according to CoinMarketCap.

Bitcoin leads the rise: OKB and some altcoins follow

As BTC struggles to outperform its ATH at the time of writing, altcoins are following their moves after hitting recessions a few days ago; One of these cryptos is OKB, which woke up a few hours ago after crossing the 20 and 50 EMAs.

As can be seen in the previous tweet, Bitcoin is the first catalyst in the market, therefore, if it is on the rise, the market will have notable gains. However, it is very important to be cautious when trading when an ATH is exceeded or reached. Since this brings a lot of FOMO and profit taking by those who invested in lower prices.

On the other hand, a fundamental aspect that is influencing the crypto market is the debut of the Bitcoin futures ETF; a fact that skyrocketed Bitcoin and altcoins in general.

Technical analysis

At the time of writing, the first thing we noticed is that the OKB token was overbought. The first signals were given to us by the RSI, which was in extreme margins after being above overbought levels; exactly at 90 points, when the normal would be between 65 and 50 points.

This on the one hand is negative, as it will lead to a strong correction in the course of the next few days. Furthermore, the EMAs of 20 and 50 periods are below the candles and with a fairly considerable separation from them; marking support at $ 19.

Analysis of OKB in a 4-hour period. Source: TradingView.

On the other hand, just the OKB token reached an important resistance, and the red candle in formation is the rejection of the bears to overcome it; If we close below this resistance, we are sure to see a correction to the first support. However, we must pay attention to changes in the market, since if Bitcoin continues to rise it is possible that the market will also do so. This would cause overbought levels to continue to grow, which would extend the correction date for other days.

In case the correction manifests and the bears take control, the first support in which we will see the OKB token will be the one located at $ 22.5. After that, another support is located at $ 21.3 and at $ 19.37; that could be achieved if sales are prolonged.

The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.