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Sanjay Shukla
Nov 25, 2022
by Sanjay Shukla

OKB Technical Analysis: Descending Triangle Signals a Bearish Breakout 

OKB Technical Analysis
The OKB technical analysis shows strong bearish momentum in the market due to high selling pressure with descending triangle pattern signals a bearish breakout.

The Okex (OKB) price action maintains a declining trend with multiple high-price rejection candles. OKB witnessed a drop of 2.09% during the last 24 hours, with the market falling more than 2% to $1.26 billion. The token’s 24-hour trading volume also plunged by over 25% to $15.40 million indicating a lack of enthusiasm among traders. Despite a spike of more than 9% during the last 7 days after the recent crypto crash, OKB has not been able to sustain the bullish reversal. 

Key Points

  • Descending triangle pattern on the daily chart anticipates a bearish breakout 

  • The 200-day EMA moving along the support line signal possibility of an uptrend 

  • The intraday trading volume in OKB is $15.40 million, reflecting a 10% drop

    • TradingView ChartSource: Tradingview

    OKB Technical Analysis

    Descending triangle pattern formed by a trendline signals a downside breakout. On the Fibonacci retracement level, OKB prices pulled down from 78.60% to below 50% indicating a downtrend in the market. However, 200-day EMA moving along the support level signals a potential uptrend in demand increase. Sideline traders may expect a bullish reversal of entry and exit opportunities. If selling pressure persists, the token prices may dump down below the $21 mark triggering a selling spree. Nonetheless, if OBK reverses the trend to start a new bull cycle, prices may break the resistance of $21.50. 

    Technical Indicators

    Under the influence of buying pressure, the RSI slope projects a perpetual struggle to move above the halfway line, while diving into the oversold zone making a bearish divergence. Moreover, MACD is also sharply sliding below the midpoint under the signal line on a highly bearish histogram. However, the bottomed-out MACD also forecast a slight upswing.

    The technical indicators show a steep downtrend in the market due to an abrupt increase in selling pressure. 

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    OKB Technical Analysis: Descending Triangle Signals a Bearish Breakout 
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.