OKB is witnessing a huge bullish pressure on the daily technical chart.
OKB price surged by almost 10% in the last 24 hours, suggesting buyer dominance. OKB is one of the brightest stars of the crypto market, as it has shown outstanding resilience after a record-setting token burn that has completely transformed the supply picture. The charts present a strong technical image that correlates with the better fundamentals of the token and the highly positive market sentiment. Moreover, as per CMC data, the OKB price has surged by almost 10% in the last 24 hours, suggesting strong buyer presence.
The most notable aspect of the current technical configuration of OKB is that it has made a decisive breakout above important exponential moving averages. OKB is trading well above the 50-day EMA at $63.53 and the 200-day EMA at $53.39, and this has formed a solid bullish base indicating a prolonged bullish trend. Such a move above critical moving averages shows that not only short-term but also long-term trends have become decidedly positive, with the price action reflecting institutional and retail confidence in the asset.
The RSI indicator is in a positive position at 63.31 and indicates a healthy momentum, but not at an overbought level. This leaves space for further upward movement with technical stability. In addition, the MACD histogram is experiencing a strong bullish divergence as the indicator is entering positive territory, which signifies the power of the ongoing uptrend and indicates that the momentum is likely to persist in the near future.
What Next For OKB Price?
Source: Tradingview
The most promising fact is the sharp change in market sentiment, which has changed to highly positive. The rally was catalyzed by the huge token burn of 279 million OKB Tokens by OKX, which artificially caused scarcity, sending the price up more than 175% over the past days. This underlying driver has been supported by explosive trading volumes, which show real market interest as opposed to speculative interest.
In terms of price targets, the following notable resistance point is at the price of $150, which is a logical continuation of the current trend. The support at around the $100 mark is a good cushion to any retracements, which makes it an appealing risk-reward ratio to the traders and investors. OKB has become one of the largest crypto gainers of the week, and its example shows how favorable fundamentals and solid technical indicators can fuel outstanding gains. The technical indicators are bullish, the tokenomics are enhanced by the burn mechanism, and the market sentiment is positive, which makes OKB likely to remain strong in the following weeks.
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