OKB Hits All-Time High as Crypto Market Surges
After a few days of losses, the global crypto market capitalization is moving higher as the market has recovered today. OKB, the native asset of the cryptocurrency exchange OKX, is at the forefront. Earlier today, OKB reached a new all-time high of $243.70 after rising more than 53% over the previous day. Even though OKB is currently trading at $212.54, key indications still show a strong bullish presence. This increases the likelihood of retesting and exceeding its previous peak.
Could OKB’s Massive Weekly Gain Signal a Long-Term Bull Trend?
Among the top-performing cryptocurrency assets during the last week is OKB. The last seven days have seen an almost 110.29% increase in its price. A significant token burn that reduced OKB’s circulating supply by 93% preceded this price spike. Technical signs point to the possibility of a durable rebound if this rapid reduction continues, which has increased investor desire.
Additionally, the liquidity inflow is confirmed by OKB’s Chaikin Money Flow (CMF), which is going higher at the time of writing and rests atop the zero line. The market’s primary momentum indicator, which gauges the flow of money in and out, is presently at a three-month high of 0.24. Strong buying pressure and steady capital inflows are indicated by the positive CMF figure. It indicates that OKB owners are hoarding the altcoin and attempting to push for more recent price increases.
OKB’s Skyrocketing Price May Face a Short-Term Pullback
The price of OKB may have further potential to rise, according to the combined assessment of these important factors. OKB may retest its all-time high and try to surpass it if demand continues. But prudence is suggested. The asset is presently in overbought condition, according to the token’s Relative Strength Index (RSI), indicating the possibility of a brief correction should buyer exhaustion set in. This stands at 92.66 at the time of writing. Thus, the RSI attests to the likelihood of a possible correction in the near future. The price of OKB may drop to $142.88 if that occurs.
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