Cryptoasset exchange OKEx’s proprietary trading token, OKB (OKB), has been recovering well since the brutal March selloff in cryptoassets, and recently saw a very nice bump in its market at a significant trendline. A hidden bullish divergence on the low timeframe means that this uptrend is likely to continue.
Starting on the weekly OKB/Tether chart, we see that the last two weeks have seen a drop, and then a hold at the significant $4.70 area—significant as a key level from March price action.
We also see an uptrending channeling perfectly respected for the last few months; and we should watch this channel top as a sell zone for when/if OKB continues uptrending. We would start looking at $6.50 as a sell target in that case.
On the daily chart, we see more detail in this channel; but unfortunately, we aren’t seeing much volume at all, nor any clear bullish signals on the RSI. Having said that, we see that the 55 EMA has been retaken this week, and a break above the RSI trendline would be a buy signal for a continued uptrend.
Moving down to the 4-hour, things look better, and we might indeed see that continuation up. First, we see an ascending triangle formed on the candle bodies which is classically bullish.
Next, we see that there is a hidden bullish divergence showing up on the RSI (higher price with lower RSI strength), suggesting a continuation in the short term uptrend. Finally, we see that there was very weak selling on the downleg earlier today, implying that sell pressure has diminished to nothing.
It seems thus fairly likely that OKB will continue up at least until $6.00 or thereabouts. OKB has been a pretty quiet market for some time, but this also doubles to mean that it is a well-behaved market. We probably won’t be seeing any surprises until $6.00, if not longer.
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