Crypto Exchange OKX’s native token OKB price overcame the consolidation phase and pumped 30% this week. This bullish momentum came in many other altcoins as the most dominant coin and market leader – Bitcoin – continues to stay above its critical $30K level.
The price of bitcoin remains at $30,400, therefore, the market capitalization of the entire crypto market at that time stands at $1.27 trillion. This is an important reason why altcoins are on the rise. Meanwhile, the OKB token price is currently trading at $53.89 with an overnight gain of 15.8% and became the gainer of the day.
Since the all-time high of $58.85 for OKB Coin in February, buyers have continued to fight off the selling pressure on each rise. Finally, the buyers pushed the token out of the selling zone in the last two days and took over the market again. Now the bulls aim to recapture their ATH zone before the end of the month.
The market capitalization of the OKB token reached $3.2 billion with an overnight gain of 15.6%. Right now, OKB token seems to be under the control of the bulls as all the significant simple moving averages like 20,50,100, and 200 are trading lower than the current price.
However, according to data from CoinMarketCap, the trading volume increased by 322% to $91.08 million in the last 24 hours. The higher-high price structure on the ascending support trendline seems to be the key reason behind the aggression from the buyers.
This bull run could continue till the next swing high-$58.8, as the Parabolic SAR indicator also shows positive signs.
The daily RSI indicator is trending close to the highly overbought zone, which bodes well for a healthy rally ahead. Moreover, the MACD moving line has moved into the positive zone, with only its signal line reaching the positive zone to support the bulls.
- Support zone – $40
- Resistance zone – $58.8
Also Read: Hidden Bullish Pattern: Can Bitcoin’s Price Reach to $35K mark?
