OKB Technical Analysis: Price Is Currently Above the Fibonacci Pivot Point of $17.18


OKB is the prime governance token of the OKExchain ecosystem. With the OKB token, users can get up to a 40% discount on transaction fees and earn passive income. Users can also actively participate in high-quality open-source crypto projects using the OKB token. The following OKB technical analysis will predict the price for the next two days:

Past Performance

On April 14, 2021, OKB started trading at $21.60. As of April 20, 2021, OKB closed at $16.68. Thus, in the past week, the price has fallen by roughly 23%. In the last 24 hours, OKB has traded between $16.59-$18.26.

OKEX Price Analysis

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Day-Ahead and Tomorrow

Currently, OKB is trading at $17.36. The price has increased from the opening price of $16.69 this morning. Thus, the market seems to be uptick.

The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has also occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to go down in some time.

The OBV indicator was steeply rising since morning but has started slowly declining now. Thus, selling pressures are building. Hence, like the MACD indicator, the OBV indicator is also pointing towards an impending price pullback in some time, as selling volumes overtake the OKB market.

The RSI indicator is currently at 40%. It has just rallied from the ‘oversold’ region. However, selling pressures are still high, and we can expect a price pullback amidst a rising price trend. In a nutshell, all the oscillators are pointing towards a price pullback before the price starts rallying again.

OKB Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $17.18. We have to wait and watch if the price surpasses the first resistance level of $17.81 or falls below the first support level of $16.54 to understand the market direction.

The price has tested and broken out of the 50% FIB retracement level of $17.42. It may soon break out of the 38.2% FIB retracement level of $17.62. Thus, as of now, the price uptrend looks strong. We can expect this positive market momentum to continue tomorrow as well.

 
 



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