OKB Technical Analysis: Price Can Fall from the Current Level and Form a New Support Level

Ankita  |  Sep 14, 2021

OKB is a blockchain-based cryptocurrency that operates on the Ethereum platform. It is a global utility token that is issued by the OK Blockchain Foundation. The foundation provides various services where the OKB can be used. The services include security, financial, and utility services. Let us look at the technical analysis of OKB.

Past Performance 

OKB started trading at $23.16 on September 07, 2021. On September 13, 2021, OKB ended the day at $18.10. Amid volatility in the market, OKB lost 21% in the previous week. Whereas, in the last 24 hours, OKB traded between $17.50-$18.66.

TradingView Chart

OKB Technical Analysis 

At the time of writing, OKB is trading at $18.1. The price is down by 0.40% approximately from the opening price. Thus, making a bearish candlestick. OKB is currently trading in a rectangular range. To confirm the trend, we need a breakout on either side of the trend line. If the buying pressure gains momentum again in the market, then we can again expect the price rally. The red and green lines on the chart are important resistance and support levels, respectively.

Currently, the MACD and signal have entered the negative zone, which is below the zero range. Moreover, there is a bearish crossover formation by the MACD line over the Signal line. Thus, indicating the overall market momentum is bearish, and we can expect a fall in price for some time. The price can also form its base at these levels, which will keep the MACD line under the zero range.

The RSI indicator has resisted from the 42% mark, therefore indicating a short pull back on a daily level. Currently, it is at 39% and creating a bearish divergence. Thus, we can expect the price to fall for the rest of the day. The RSI cool-off can take support at the 38% mark, and we can expect trend reversal from that level.

Day-Ahead and Tomorrow 

Currently, the OKB price is trading below the Fibonacci pivot point of $21.41. The price can fall from the current level and form a new support level. As some of the oscillators have shown bearish signals, we can expect the price to fall and test the Fibonacci pivot support level of $17.17 soon. If the price breaks this FIB support level, it will highlight the next support at $15.69. Traders can take a short position.

However, if the trend reverses and buyers take over the market, we will have to closely watch the level of $19.75 as an immediate resistance level. If the price breaks out from this level, it can test the next resistance level of $21.89. Thus, traders can go long between these levels.

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