- A golden crossover has been observed in the key moving averages.
- The OKB price has shown a bullish move after a beautiful pullback.
The current market sentiment is bullish, and all the cryptocurrencies have buzzed. Since July, the OKB price has experienced continuous buying pressure and has increased. In November, the token’s price triggered a breakout from the 200-day EMA, and a loss recovery trend was witnessed.
In mid-November, the price triggered a pullback and surged by taking support on the 200-day EMA. The OKB crypto has extended to a crucial level of $56 and shown mild weakness. The bullish trend seems to be disturbed near this territory. That makes this zone more crucial.
OKB Price Technical Analysis Based On Chart Structure
When writing, the OKB price was trading at $53.82. That has dropped by 2.59% over the past 24 hours. The market capitalization was $3.23 Billion, and the 24-hour trading volume was $7.31 Million.
In a broader time frame, the price has remained bearish for the first six months of 2024 in a daily time frame. The bearish trend was halted near the $30 mark, and bulls took over the trend.
The chart showed price rejection from the $56 hurdle. That could be a bearish signal. Suppose the price fails to hold this territory, sellers may dominate ahead.
Sellers may lead the trend once the price starts trading below the 20-day EMA. Here, 200-day EMA could play a vital role as a support. Losing this EMA could lead to strong selling pressure.
On the other hand, if the OKB crypto price smashes the $56 mark, this bull run could continue. A strong bullish candlestick over the $56 mark would tempt buyers.
Buying pressure at this point may lead to a strong bullish trend. This scenario might flip the trend to bullish for the next few weeks or months.
According to the technical indicators, the bullish crossover in the critical moving average could provide some extra push. The MACD and the Signal line were traveling in the positive territory. The histograms have remained green, indicating a strong bullish trend.
OKB Price Faces Key Decision Point Amid Double-Top Pattern on 4-H Timeframe
After a bullish trend in the OKB price, the momentum has interrupted near the $56 mark. In a 4-H time frame, the crypto displayed a double-top pattern. That could trigger a bearish momentum. It was also struggling in a narrow range on top.
Sellers may show faith in the double-top pattern if the price slips below the lower horizontal line. This bearish pattern could result in a bearish trend.
Alternatively, buyers may keep riding the trend if the price triggers a breakout from this narrow range. Based on chart analysis, the OKB price was ****expected to hit the $70 mark in a single push.
OKB Price Prediction and the Future Prospect
The recent surge in the OKB price highlighted a significant shift toward a bullish trend. The change was more visible, particularly after breaking through the 200-day EMA.
Despite some resistance around the $56 mark, the overall market sentiment remains optimistic. The resistance poses a potentially bearish signal if not overcome,
Technical indicators suggested that the OKB crypto may sustain its position above this level. If this happens, it could lead to upward momentum and a more sustained bullish trend.
However, vigilance is necessary. A drop below crucial support levels could trigger selling pressure and alter the current outlook.
The support levels Include the 20-day EMA and 200-day EMA. The coming weeks will determine whether this bullish movement can continue or if sellers will reclaim control.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
