OKB Technical Analysis: Price May Fall Below Support Levels of $16.79 and $16.08


OKB is a utility token of the OKExchain ecosystem. The OKExchain is a decentralized blockchain network that facilitates the exchange of value across borders. Users can get trading fee discounts, additional income, and the opportunity to participate in large-scale crypto projects using the OKB token. The following OKB technical analysis will predict momentum for the next two days.

Past Trends

On April 15, 2021, OKB started trading at $20.14. As of April 21, 2021, OKB closed at $17.88. Thus, in the past week, the price has decreased by approximately 11%. In the last 24 hours, OKB has traded between $17.05-$18.92.

OKB Technical Analysis

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Day-Ahead and Tomorrow

Currently, OKB is trading at $17.51. The price has decreased slightly from the day’s opening price of $17.88. Thus, the market seems bearish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, the OKB market is in a price correction phase. There may be some intermittent price increases amidst an overall negative price trend.

Currently, the RSI indicator is at 46%. It has just rallied from the 30% mark. Thus, selling pressures are still on the higher side. Hence, we can expect a further price drop.

The A/D indicator has started falling. Thus, whale distributions are slowly overtaking the whale accumulations. High sell-offs will exert downward pressure on the OKB price.

To sum up, all the oscillators are giving credence to bearish market momentum. Thus, the price is poised to decline further with intermittent price rises as a part of the price discovery process.

OKB Technical Analysis

As per technical analysis, the price has fallen below the Fibonacci pivot point of $17.95. Soon, it is likely to fall below the first support level of $17.23. If the bears remain strong throughout the day, the price may fall below the subsequent support levels of $16.79 and $16.08, respectively, by day end.

The price has tested and fallen below the 38.2% FIB retracement level of $17.76. It is likely to soon fall below the 23.6% FIB retracement level of $17.49 as well. Thus, the bearish forces are strong as of now, and we can expect the bearish trend to continue tomorrow as well.

 
 



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