The centralized exchange OKX destroyed 279 million OKB on August 15 (Friday). As of the time of writing, according to CoinMarketCap data, the total circulation of OKB is 21 million, which is basically consistent with Bitcoin's [BTC] hard cap.
This is one of the largest reductions implemented by centralized exchanges. OKX revealed in the announcement that they are undergoing a strategic upgrade for X Layer.
As a result, analysts expect oil prices to break through $300. It remains unclear how much oil prices can actually rise, as supply is not the only factor determining price. It is best to wait for market reactions.
Investor sentiment and demand will help determine the price of OKB, and its price is still under consideration.
AMBCrypto's analysis indicates that the market may be overheated, but this will not slow down the pace of the bull market. What should traders and investors expect next?
OKB price may rise.
OKB entered a pullback after rising to $73.7 in March 2024 and fell to a low of $30 in July 2024.
Even if Bitcoin rises to $108,000 in December 2024, this altcoin has failed to break through the $73 high, peaking at only $60.
The recent destruction news has greatly changed market dynamics. Since OKX announced this news on August 13, the token has risen by 312%.
As the weekly chart shows, the market lacked a clear trend before the news broke. DMI proved this, as a week ago -DI, +DI, and ADX were all below 20.
The RSI was previously below neutral 50 but has since skyrocketed. As of the time of writing, its reading is 92, hitting a record high, indicating that the market may be overheated.
However, trading volume did not reach the frenzy levels of the second half of 2021, resulting in the A/D indicator being flat compared to the previous bull market.
On the 4-hour chart, bulls have proven that an overbought RSI does not indicate a significant pullback.
The $170-$175 area is a short-term demand zone and may return to that area, but the upward trend may continue.
Dropping below $170 may pave the way for a decline to $130. Traders should be wary of such pullbacks and limit risks accordingly.
