OKB Price Analysis: Will the Bull Trend Make a Reversal?

• OKB price is currently trading at $41.01 while seeing a change of 1.81% in 24-hour trading volume.
• OKB price has been observing a decline of 0.25% in the last 24 hours.

OKB price pattern is giving indications of a reversal. The price is currently above the 200-day day EMA and is taking support from the 100-day EMA. After crossing above all the major EMAs early November, OKB price broke out, gaining 50%. The price started moving in a bull trend above the 20-day EMA, which was trading above all the key EMAs, a major characteristic of a bull trend.

OKB Price is Trading Near its Support Zone 100 EMA on a (Daily Timeframe)

Source: OKB/USDT by TradingView

Since reaching an all-time high at $56 mark, it gained more than 95% of its value in the overall bull trend. However, the sellers started stepping into the price action around mid-February and OKB price made its first lower low, also breaking its long-term support at the 20 EMA in the process.

After the breakdown, the price made a correction of 25%. The it gained buyers support near the 100 EMA and made a bullish hammer pattern, the price made another attempt to resume its previous bullish trend. Despite making a bullish upturn of 37%, the price could not cross above its resistance level near its previous high of around $52 and made a lower high.

Technical Analysis ( 1 Day Timeframe )

Source: OKB/USDT by TradingView

OKB’s price is currently trading above the 200 EMA while taking support from the 100 EMA. With 100 EMA being a strong support point, the current price action suggests that it might make a comeback. However, the 20 EMA recently crossed below the 50 EMA. This is often observed in the earlier stages of a trend reversal, hence, it is possible if the price takes resistance from the 50 EMA. It can make a breakdown in accordance with the bearish crossover.

The oscillators (RSI and Stochastic RSI) are currently near the oversold levels. The RSI line is moving near the 39.33 points consistently taking resistance from the 14 SMA, which is near the median at 42.09 points. The stochastic RSI line is near the demand zone around 10.34 points. The oscillators are giving positive indications of a bullish reversal.

Conclusion

The OKB price is near the support zone around 100 EMA while trading above the 200 EMA, which states that the price is currently on a bullish trend. The 20 EMA has crossed below the 50 EMA, which indicates that the price might start being bearish in the coming days. The oscillators are in the oversold levels although the RSI line is making a divergence by making a lower high and lower low. Hence, the overall price action and the indicators suggest that the price can change its trend in the bears’ favour although it may make a bullish rally before that.

Technical levels:

Support -$33.13

Resistance – $43.50 and $50.00

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.

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