OKB price prediction: Developments on the way for OKX

• OKB price is currently trading at $47.81 with a decrease of -0.13% during the intraday session.
• 24 hour trading volume of OKB is down by 59.85%.
• OKB chain soon to be launched. 

Break of $52 level support led to a 13% in OKB price during last week. OKB price is consolidating in the range of $40 and $58.40 since mid of february. Currently the price has formed a resistance at $48 level and is headed downwards to $45.60 support level. The recent crash has resulted in altering the gains of last week. 

Recent development of OKB token regarding sale of new token SUI only for OKB token holders increased the demand of OKB in the previous week. SUI token sale was initiated on April 23 on OK exchange. The major news for OKB is around launch of the OKB chain which went live in month of march and is soon to be launched. 

The number of wallets holding OKB has increased in last week as positive sentiment rises in OKB market. OKB chain intends to overcome ethereum scalability issue and is dual chain strategy that combines OKT chain and OKB chain to provide customers a simple and user friendly web 3 experience. 

OKX has also revealed a $7.2 Billion ‘clean asset’ in recent proof-of- reserves report. $7.2 Billion are held by exchange in Bitcoin, Ethereum and USDT stablecoin making it the largest clean asset reserves among major exchanges. 

The market structure amidst positive news is still bearish due to fall in  price during last week. OKB price still resides just above the 20 -day EMA showing a bullish sentiment in the market. If OKB price can break and close above $52 level, there is a possibility for the price to reach $56 level.  On the contrary, if the crypto currency price can break $45.60 level, there is a higher probability for the price to reach the major support level of $40. 

OKB Technical Analysis:

RSI trades above halfmark and is currently at 51.89 residing in neutral territory indicating a consolidation phase in OKB price. The bands of bollinger have expanded indicating high volatility in market and traders can see bigger moves in OKB price. Price is currently trading near 20-day SMA of bollinger. +DI is above -DI, with an ADX of 28.98. 

ADX started dipping as price took a downturn. 

Conclusion:

The market structure and price action for OKB tokens is still bearish. The technical parameter shows a consolidation phase awaiting for price. Recent development around OKB token shows a bright future for OKB price. Risk averse traders should wait for the break of 27 April candles upper wick before looking for a bid. While $40 can be considered a strong base for the price and traders might expect a bounce of price from $40 level. 

Technical levels: 

Major support: $40 and $45.60.

Major resistance: $56 and $58.40.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.