OKB Technical Analysis: Descending Triangle Warns Downfall Under $10
Table of contents
Key technical points:
Past Performance of OKB
OKB prices showcased a sharp reversal from the $11 resulting in a 16% price jump to $13 but failed to surpass it, resulting in the retracement phase. The downtrend generates a resistance trendline, forming a descending triangle with a base at the $11 mark. The falling trend increases the likelihood of a bearish fallout.
Source- Tradingview
OKB Technical Analysis
OKB buyers showcase a falling trend in the intraday trading volume which increases the likelihood of a bearish turnover in the price trend. Nonetheless, traders should wait for a closing below the base to avoid getting trapped in a reversal. The crucial daily EMAs – 50, 100, and 200-days maintain a bearish alignment, signaling the long-term correction phase. And, the bullish breakout of the triangle will have to overpower the selling pressure at the EMAs for uptrend continuation.
The MACD and signal lines showcase a bullish rally continuing the approach to reach the zero line. However, the lack of intensity in the bullish histograms warns of the possibility of a reversal crossover. Furthermore, the RSI indicator shows a sideways trend merged with the 14-day SMA below the halfway line. Hence, the technical indicator shows a growing weakness in the bullish momentum and warns of a downtrend continuation. In a nutshell, the OKB technical analysis displays a bearish retracement ready to crack under $11.
Upcoming Trend
If sellers manage to crack under the $11 support level, a downfall under the psychological mark of $10 seems inevitable to test the $9.7 level. However, a bullish breakout of the resistance trendline will result in a price jump to $13.
Resistance Levels: $12 and $13
Support Levels: $11 and $9.75
