OKB Technical Analysis: Price Above the Fibonacci Pivot Point of $15.77

OKB is the prime utility token issued by the OK Blockchain Foundation. With OKB tokens, users can get trading discounts of up to 40%, passive income, and the opportunity to participate in high-quality blockchain projects. The OkexChain blockchain network also plans to introduce more tokens after the main net launch. The current supply of OKB tokens stands at 300 million. It recently burned approximately 2 million tokens. Let us look at the technical analysis of OKB.

Past Performance

On Jul 20, 2021, OKB opened at $10.17. On Jul 26, 2021, OKB closed at $15.92. Thus, in the past week, the price has increased by roughly 57%. In the last 24 hours, OKB has traded between $14.95-$16.45.

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Day-Ahead and Tomorrow

Currently, OKB is trading at $15.87. The price has decreased from the day’s opening price of $15.92. Thus, the market seems bearish.

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst an overall positive trend.

Currently, the RSI indicator is at 52%. It faced rejection at 50% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the OKB price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, the OBV and RSI indicators have given positive signals, while the MACD indicator has given mixed signals. Thus, we have to wait and watch if the bulls overpower the market or the bears regain strength.

OKB Technical Analysis

Currently, the price is above the Fibonacci pivot point of $15.77. The price may soon surpass the first Fibonacci pivot resistance level of $16.35. After that, we have to wait and watch if the price rises further or falls again.

The price has tested and breached the 38.2% FIB retracement level of $15.88. It may further break out of the 23.6% FIB retracement level of $16.10 as well. If by day end, the price retests and falls below these levels, the price downtrend is strong enough to sustain till tomorrow.