Wednesday, August 10

The OKB token is showing strength, and wants to go much higher in the short term

Despite the crypto market continuing to be quite dormant (even pulling down a bit due to Bitcoin’s losses), there are some cryptocurrencies that are taking advantage to gain traction. The OKB token is one of those that you are taking advantage of, and it could still go higher in the short term.

At the time of this writing, OKB is trading at $ 27.26, accumulating a gain of 4.57% in the last 24 hours. Its market capitalization is $ 1,687 million, thus occupying the 78th position in the Crypto Online ranking.

In case you didn’t know, this is the official token of the OKEx exchange, one of the largest cryptocurrency exchanges in the world.

By using OKB, users can access special features of the exchange. The token is used to calculate and pay commercial fees, as well as to grant voting power in the governance of the platform. Also, those who own OKB are usually rewarded by the exchange itself.

The latest rally in the price of this token is due to the strength of the exchange itself. Recently, OKEx revealed that its trading volume had increased more than 300% during this 2021. The exchange’s total trading volume went from $ 1.8 trillion in October 2020 to $ 7.4 trillion in October of this year.

OKB token technical analysis

In the daily chart of the OKB token we see that the price recovered its short-term uptrend, after crossing the immediate resistance located at $ 26.03.

Today the price was hampered by the next resistance ($ 29.70), and it is likely to be the starting point for a small correction before moving up further.

Now that the bulls have regained control, a fall would be nothing more than a simple setback to pick up demand from those who take advantage of low prices. The $ 29.70 should be traversed in the next few hours / days.

To think about sales, the OKEx token needs to start manufacturing lower and lower lows. The support to be maintained is at $ 21.46.

OKB vs USDT daily chart technical analysis. Source: TradingView.

Weekly chart

From this weekly time frame we see a quite bullish scenario, thanks to the continuous lows and highs that are higher and higher.

The developing weekly candle is showing very good determination on the part of the buyers, which could be heralding the beginning of momentum that should move well away from the current price.

When we analyze this chart we see that the most relevant resistance is now at $ 29.09, but it is quite likely that it will be crossed very soon. In case this happens, then it would open the way to purchases up to a minimum of $ 36.74.

Right now it doesn’t seem far-fetched to think that the OKB token is going to hit new all-time highs in the short term.

OKB vs USDT weekly chart.  Source: TradingView.
OKB vs USDT weekly chart. Source: TradingView.

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