After a 54% increase, OKB has broken records, achieving its all-time high of $194.80.
Its daily trading volume has surged dramatically by over 293%.
In the neutral market atmosphere, cryptocurrency prices are swinging between up and down. The chart for most assets is in the green, recovering their recent gains. The market capitalization has stabilized at $3.86 trillion after a 1% increase. With the growing popularity of alternative cryptocurrencies, the value of OKB has significantly increased by over 54.49% in the past 24 hours.
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The cryptocurrency has broken records, registering its all-time high of $194.80, emerging as one of the biggest gainers. It opened its daily trades at its lowest point at $125.40. As bullish investors entered, the price of OKB rose to its all-time high. Furthermore, the asset tested the crucial resistance range between $125.47 and $194.73.
OKB price chart (Source: CMC)
Will this sharp rise continue despite the mixed signals in the market? According to CMC data, OKB stock is currently trading within a range of $193.88, with a market capitalization of $4.07 billion. Meanwhile, the asset's daily trading volume has increased by over 293%, reaching $1.13 billion.
Looking at the stock price chart over the past thirty days, OKB has recorded an increase of over 303%. The monthly low was recorded at $45, then the price suddenly surged to $116 immediately. After a series of ups and downs, the price reached new record levels, approaching the current trading level.
Is OKB stock on fire, will it continue to rise?
The recent breakout of OKB's price has led to a strong rally, finding the next major resistance range at around $193.98. With the golden cross emerging, this may open the door for a continued upward correction and a test of the next resistance level above the $194.08 range.
Conversely, if the asset loses its momentum, it may slide to its previous low below $193.78. A prolonged downward correction is likely to form a death cross, pushing the price of OKB towards $193.68 or lower.
OKB chart (Source: TradingView)
The Moving Average Convergence Divergence (MACD) line for OKB has crossed above the signal line, which is generally viewed as a bullish signal. This indicates a potential upward trend and price recovery. Additionally, the Chaikin Money Flow indicator value for the asset, recorded at 0.46, indicates strong buying pressure in the market. The positive CMF also shows capital inflow to the asset, representing a strong cumulative trend.
Notably, the daily Relative Strength Index (RSI) sits at 82.12, indicating strong bullish momentum for the asset, in the overbought territory. This increases the risk of a pullback or correction. The reading of the Bull Bear Power (BBP) for OKB, at 78.28, indicates strong bullish dominance in the market. Buyers are pushing the price above this level, confirming the upward trend.
