- OKB (OKB) price prediction highlights a phase of distribution succeeded by a bullish rally
- OKB token is up 3.63% in the last 24 hours.
- OKB (OKB) has recorded Year-to-date growth of 64.40%
OKB price prediction highlights the distribution phase of the market, which succeeded in a strong bull market in 2022. The OKB Price grew by 261% between November 2022 and February 2023. The market broke the 2-year-old all-time high price of $44 and printed a new one at $59. It was followed by a correction of 38% to the support of $38.57 and a sideways market since March 2023.
When writing, the OKB crypto is trading at $42.82. The 24-hour volume witnessed a jump of 908.66%. The overall market cap for OKB tokens is $2,574,789,343.
Will OKB Price Finally Break Out of the Consolidation?
Source: OKB/USDT 1D by TradingView
OKB’s (OKB) price prediction shows a market structure with a series of lower highs. The 1D Chart reveals the significance of the support level of $38.57. Currently, the market is taking support from the 200 EMA, which is essential to maintaining its overall uptrend. The price is trading below the 9 and 15 EMAs, indicating sell pressure.
This distribution phase results from profit booking, where the investors want to take some profits off the table. The uptrend on the daily timeframe will remain intact as long as the price holds support and the 200 EMA. A breakdown may cause the price to travel into a more prolonged correction phase.
Can OKB Sustain above the Important Demand Zone?
Source: OKB/USDT 4-hour chart by TradingView
A closer look at the 4-hour chart reveals that the price is getting rejected at a local resistance of $46.12. After three failed attempts, the market went down by 10.55% before getting a bounce near the support of $40.63. The price is trading below the 200 EMA on the 4-hour chart, indicating the buyers’ loss of confidence.
The trend remains sideways in the shorter time frame, evident by the flat 200, 9, and 15 EMAs. The Bulls are trying to defend the support based on the significant buying volume near the mount. It is currently unclear where the market may move, and it would be wise to wait for a breakout or a breakdown.
RSI: The RSI indicator is currently at 49.50. It indicates that the market is neutral, and the prices may move sideways. The direction of the trend could be more precise.
MACD: MACD made a bullish crossover while the indicator moved close to the 0 line. It means that the market’s direction is unclear as the signal and MACD lines move adjacently. The histogram shows a lack of momentum.
200 EMA: On the 4-hour chart, the price is trading below the 200 EMA. It is a bearish sign in which the 200 EMA acts as a dynamic resistance. The prices will likely drop until it breaks above the 200 EMA.
Conclusion
OKB price prediction highlights the distribution phase of the market, which succeeded in a strong bull market in 2022. This consolidation may last until the support or resistance breaks. A clear trend will be established after the price moves out of these levels. The overall trend is bullish as the OKB price is above 200 EMA on the daily timeframe. But things may go downside if the price goes below it.
Technical Levels
- The nearest support level: $40.73
- The closest resistance level: $46.12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
