Since our last update on OKEx’s exchange token OKB (OKB), the altcoin has continued to slowly carve out a foothold on the chart in an effort to hang out to all the gains made during the post-COVID crypto recovery. Most of OKB’s indicators look good, and the crypto remains a well-behaved one as it goes.
We start on the daily chart, taking note of most of all of the positive indicator pictured. The RSI is continuing to generally gain strength, a trend in place since mid-June. The histogram has been expanding up steadily, and the MACD averages are about to cross over into positive territory.
As for price action, we note that OKB has a chance to close the day solidly in a new market structure. If it does, we are likely to see continued positive price action.
Moving out to the weekly chart, we again see a positive outlook. First, price has a real chance of closing above the 8 EMA this week, putting it out in front of a fully bullish EMA fan (smallest to largest from the top down). Second, the histogram has started expanding up very healthily, and looks like it may be reversing out of the negative zone.
Also, volume rose last week, and we may see more of the same this week. This would mark the end of a bottom in a declining volume trend, if this week’s volume puts at a higher level.
Finally, on the 4-hour chart, we see the only break in the overall positive outlook. Here, there are some signs of weakness. Namely, the RSI looks like it is losing steam on this timeframe. And on price action, we see a rejection and perhaps difficulty getting over the critical $5.20 area.
OKB has emerged as one of the more cooperative exchange tokens in recent months. It trades very calmly, and is fairly predictable. It has been gathering a strong position for some time; now, it just needs a little more push to really establish a strong beachhead above $5.50.
The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
Featured Image Credit: Photo via Pixabay.com