The OKB token is experiencing tremendous upward pressure on the daily technical chart.
The price of OKB has risen by nearly 10% in the past 24 hours, indicating buyer dominance.
OKB is one of the brightest leaders in the cryptocurrency market, having shown exceptional resilience after a record token burn, which completely transformed the supply landscape. The charts display a strong technical picture linked to the strong fundamentals of the currency and extremely positive market sentiment. Furthermore, according to CMC data, the price of OKB has risen by nearly 10% in the past 24 hours, indicating strong buyer presence.
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The most notable aspect of the current technical formation for OKB is its critical breakout above important exponential moving averages. OKB is trading above the 50-day exponential moving average at $63.53 and the 200-day exponential moving average at $53.39, forming a strong bullish base suggesting an extended upward trend. This move above the important moving averages shows that trends, not only short-term but also long-term, have clearly turned positive, reflecting the confidence of institutions and retail traders in the asset.
The Relative Strength Index (RSI) is positive at 63.31, indicating strong momentum, but not at overbought levels. This allows for further upside with technical stability. Additionally, the MACD indicator is showing strong bullish divergence as it enters positive territory, indicating the strength of the ongoing uptrend and suggesting the possibility of continued momentum in the near future.
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What’s next for the price of OKB?
Source: Tradingview
The most optimistic fact is the sharp change in market sentiment, which has turned extremely positive. This surge was fueled by OKX's massive burn of 279 million OKB tokens, causing artificial scarcity, leading to a price increase of over 175% in recent days. This fundamental driver has supported huge trading volumes, indicating genuine market interest rather than speculative interest.
In terms of price targets, the next significant resistance point is at $150, which is a logical continuation of the current trend. Support at around $100 provides good protection against any pullbacks, making it an attractive risk-to-reward ratio for traders and investors.
OKB has become one of the biggest winners in the cryptocurrency market this week, and its example illustrates how favorable fundamentals and strong technical indicators can fuel significant gains. The technical indicators are bullish, and the token's economy is supported by a burn mechanism, while market sentiment is positive, making it likely that OKB will remain strong in the coming weeks.
