Like the general crypto market, OKEx’s exchange token OKB has been drifting sideways inevitably, toward must be the looming end of a large consolidation. OKB is still visibly in an uptrend, but that trend is faint and could quickly collapse without a further leg up to refresh momentum.
We start on the daily, and see that price has consolidated around $6.12, just at the previous high. The MACD has started downtrending, and we are likely going to see a break away from this price one way or another.
Even in the case of downside from here, we might expect a small pop back to the region resistance border around $6.60 before a larger plunge.
Moving to the 4-hour chart, we see the telltale sign that some movement is likely to come into the market(s) soon. The MACD here is pinched in very tight, although volume has not come in meaningfully.
Finally, on the weekly chart, we are seeing a serious risk of a long term double top between $6.50 and $7.50, or even below. If upward momentum stops, it is going to stop here, and we need to see some market strength soon to avoid getting rejected here.
OKB has been a very well behaved crypto for the past year-plus, so we can probably expect it to follow the greater crypto markets rather well. And as with the rest of the crypto markets, we risk seeing a breakdown without some strength coming in soon.
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