In our last foray into the market for OKEx’s exchange token OKB, we noted the importance of the area around $5.80. A few days ago, this level was taken on force, and it is now serving as support on the pullback. These are the signs of a steady uptrend that could soon see OKB breaking even more important levels.
We start on the daily to get broad strokes, and clearly see the inflection level at $5.80 – $6 holding at time of writing. The histogram is well on the positive side, and the RSI is holding with price.
This is a healthy picture for OKB, looking like a textbook breakout-and-hold so far. We might expect a some more downside down to $5.80, but if this setup holds we could see the larger uptrend continue.
Moving on to the weekly, we see where an uptrend might go: straight into a larger, more important resistance. The around surrounding $7 marks OKB’s all time high, and we are quite close to seeing this level retested – and given OKB’s general bullish look, we might consider it likely.
On the other hand, we could see a huge rejection and double top at $7 quite soon. In that event, a drop all the way down to the bottom of the larger structure around $3.50 would be likely.
Finally, down to the 4-hour, we see a more detailed view of the test of $6. There are no glaring signs yet that strength is coming in to buy this dip: there is no bull divergnece and not much volume, although the histogram has put in a high low in the past few days.
Short term traders should be ready to pull the trigger, though, when OKB gets to the bottom of this small channel, if the signs look right as at least one more leg up seems likely before the $7 decision point.
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