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Vikram
Mar 4, 2022
by Vikram

OKB Technical Analysis: Bearish Trendline Restrains Escaping Bulls

OKB
OKB coin price action shows the supply-rich trendline pushing back down the bullish growth. Will bears succeed in a reversal?

Key technical points:

  • The OKB coin price struggles to surpass $20

  • The MACD indicator shows a bullish crossover

  • The 24-hour trading volume in the OKB token is $225 Million, indicating a 180% rise. 

    • Past Performance of OKB

    OKB price shows a reversal from the $16.5 level after neutralizing an evening star pattern. The rally surpassed the long-coming trendline, but the rejection at the 50-day EMA brings the altcoin back under the bearish trendline influence. 

    Currently, the fight for trend control continues at the trendline as the buyers keep joining. However, the higher price rejection observed in the previous daily candle suggests a bearish continuation.

    TradingView Chart

    OKB Technical Analysis 

    OKB price continues the bullish attempt of surpassing the sellers-driven trendline as the buying pressure increases. However, the increased selling at higher prices to break even previous losses questions the bullish commitment. 

    The crucial EMAs in the daily chart maintains a falling trend to achieve a bearish alignment with the potential 100 and 200-day EMA crossover. Moreover, the falling 50-day EMA has recently provided a significant rejection resulting in a long-wick formation. Hence, the EMA seems to be driving with a high selling pressure area. 

    The MACD indicator shows the fast and slow line continuing their approach to reaching above the positive territory. Hence, the indicator projects the possibility of a breakout-driven bullish trend.

    The RSI Indicator slope kisses the 50% line that has overridden multiple bullish attempts. Hence, safe traders can play the waiting game until the RSI slope sustains into the nearly overbought zone. 

    In a nutshell, OKB technical analysis shows a phenomenal bullish attempt that stands against multiple selling reasons. Hence, the overall sentiment is neutral.

    Upcoming Trend

    OKB coin price action near the resistance trendline will be the upcoming trendsetter. A bullish breakout can drive the altcoin higher to $25 if the trend survives the bearish EMAs. Otherwise, the downtrend will continue to retest the $16 level.

    Support Levels: $18 and $16

    Resistance Levels: $20 and $25

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    OKB Technical Analysis: Bearish Trendline Restrains Escaping Bulls
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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