OKB Price Soars 6% in a Week as Bulls Entirely Take the Reigns: How High Can It Go?

The OKB price has flipped bullishly, surging 1%, with the OKB/USD exchanging hands at $43. The growing interest in the token has seen the trading volume spike by 7% to $3 million, while the market is up 1% to $2.58 billion.

OKB is now up 6% in a week, 16% in a month, and 0.98% in a year. Meanwhile, GSR, a market-making and venturing capital, noted via x (formerly Twitter) that OKB has been among the notable gainers in the past 24 hours. 

Daily Market Update 10/8: #BTC is currently trading around $62.6k and #ETH around $2.4k. Notable gainers in the last 24 hours are #FTN, #APT, and #OKB. The global crypto market cap is $2.27T, down 2.7% over the last day. DeFi TVL is ~$82b and BTC dominance is around 54% pic.twitter.com/LUmRFVPQzx

— GSR (@GSR_io) October 8, 2024

OKB is a cryptocurrency released by the OK Blockchain Foundation and the Maltese crypto exchange, OKEx. The exchange is one of the largest in the world and ranks third in liquidity and fourth in trading volume. It provides a wide selection of trading pairs. 

OKB Statistical Data

Based on CoinmarketCap data: 

• OKB price now – $43.07
• Trading volume (24h) – $3 million
• Market cap – $2.58 billion
• Total supply –300 million
• Circulating supply – 60 million 
• OKB ranking – #35

In early September, the bulls established strong support at around the $35.28 mark, cushioning against further losses. After collecting enough liquidity, the bulls resumed a meaningful uptrend, resulting in a rising channel pattern.

The OKB price is showing a steady uptrend, with the bulls leaving no stone unturned in the market. The OKB bulls have painted the market bullish as they aim to hit a new ATH, leaving the bears in total darkness. 

OKB Technical Indicators Suggest a Continued Rally

Meanwhile, the OKB price trades above major bullish key indicators, including the 50-day Simple Moving Average (SMA) and the 200-day SMA. They have confidently flipped these key areas into support at the $38.83 and $41.44 support levels, leaving the OKB price in a resistance-free zone.

However, the Relative Strength Index (RSI) cautions traders of a potential correction. After climbing from support at the mid-line (50), the RSI has jumped into the overbought area, currently at 73.66. Traders won’t have to worry about sudden pullbacks with the RSI above 70, as this position also means a correction is imminent.

On the other fence, traders should consider buying OKB manifested with the MACD line in blue crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside. Meanwhile, traders and investors are at liberty to hold their long positions in OKB unless the MACD changes. 

OKB Price Prediction

The OKB bulls have put their best feet forward, quashing the selling pressure in the market. Based on the 4-hour chart outlook, the bulls steadily uphold a bullish outlook with no signs of stopping soon. Increased buying appetite will see the OKB price surge to $48 before a slight retracement. 

On the flip side, it is prudent to watch out for the RSI’s rejection from the overbought region to time the reversal carefully to avoid the bull trap. This means that early profit booking may commence in the market, resulting in a correction.

In such a case, the OKB price may fall. However, the $41.44 support level(coinciding with the 50-day SMA) will be in line to absorb the selling pressure. A breach below the support level will see the bears drive the price to around $38.83, coinciding with the 200-day SMA.