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Ankita Awasthi
Aug 3, 2021
by Ankita Awasthi

OKB Technical Analysis: Expect the Price to Fall and Test the Fibonacci Pivot Support Level of $17.15

OKB
OKB is a blockchain-based cryptocurrency that works on the Ethereum platform. It is a global utility token, that is issued by the OK Blockchain Foundation. The community provides various services where the OKB can be used. The services include Security, Financial, and Utility services. Let us look at the technical analysis of OKB.

Past Performance

OKB started trading at $15.87 on July 27, 2021. On August 2, 2021, OKB ended the day at $19.05. Amid volatility in the market, OKB gained 20% in the previous week. And, in the last 24 hours, OKB traded between $18.37-$19.21.

https://s3.tradingview.com/snapshots/4/4NzLnMIh.png

Day-Ahead and Tomorrow

At the time of writing, OKB is trading at $18.24. The price is down by 3.26% (approximately) from the opening price of $19.21. Thus, making a bearish candlestick. OKB has currently broken out from a month-long resistance level at $18.05 and is currently taking support from the level. If the buying pressure gains momentum again in the market, then, we can again expect the price rally.

Currently, the MACD and signal have entered the positive zone, that is, above the zero range. Moreover, forming a bullish crossover by the signal line over the MACD line. Thus, indicating the overall market momentum is bullish, and we can expect a surge in price after some retest.

The RSI indicator has resisted from the 82% mark, therefore indicating a short pull back on a daily level. Currently, it is at 72%, it is also creating a bearish divergence. Thus, we can expect the price to fall for the rest of the day. The RSI cool-off can take support at the 63% mark, and we can expect trend reversal from that level.

OKB Technical Analysis

Currently, the price is trading below the Fibonacci pivot point of $19.1. The price can fall from this level and form a new support level. As some of the oscillators have shown bearish signals, we can expect the price to fall and test the Fibonacci pivot support level of $17.15 soon. If the price breaks this FIB support level, it will highlight the next support at $15.69.

However, if the trend reverses and buyers take over the market, we will have to closely watch the level of $18.96 as an immediate resistance level. If the price breaks out from this level, it can test the next resistance level of $21.89. Thus, traders can go long between these levels.

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OKB Technical Analysis: Expect the Price to Fall and Test the Fibonacci Pivot Support Level of $17.15
Ankita Awasthi
Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

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