It’s been a while since our last analysis on OKEx’s exchange token, OKB. While taking a horrific plunge in March with the rest of the crypto market, the token has by now recovered quite well and is cautiously coursing up toward its previous highs.
Starting on a weekly chart, we see that OKB is about halfway between two key price levels: $4 and $7. We are definitely seeing that OKB is within a general MTF uptrend at the moment, and it has clear first the 21, and recently the 8 EMAs while preserving its trajectory.
OKB chart by Charts.Cointrader.Pro
As long as we see no signs of MTF reversal back down, it is reasonable to expect a continuation up to or near $7. We may see a more dramatic inflection point there, and maybe see more attention come into this market.
Moving to the daily chart, we look for signs of either continuation or reversal. And here, we see an important moment has arrived within the mid trend: retesting the local top at $5.41. This level needs to be taken out and held in order for the march to $7 to continue.
Both the histogram and RSI look good here, steadily curling to the upside. We see that all main EMA levels are now taken, and the price has been in contact with the resistance for the past couple of days. The issue here is volume, with a docile market that isn’t doing much to drive price (OKEx exchange).
Finally, coming down to the 4-hour for a granular look, we are seeing nothing clear. A breakdown is starting to form on the 8 EMA with the 21 being pushed also now. Holding the 21 would likely signal a long opportunity, and holdingt the 55 would signal at least the continued chance for a breach of $5.40.
The RSI is not doing much here, and is not useful. The histogram has taken a dive to the red side, but a few uptrending candles could signal a return to a bullish arch.
Overall, OKB is quiet. This inflection point at $5.40 is important within the regional trend, but there doesn’t seem to be much attention on this solid exchange token. This may translate into reliable movement one way or another, and a cooperative trade for the few traders who are watching it.
The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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