On Tuesday, August 26, OKX's native token OKB continued its significant downward momentum, dropping another 12% to a low of $168, before stabilizing around $171. Over the past four days, OKB has fallen more than 30%, raising concerns about whether the OKB correction has ended.
From historical highs to a sharp reversal
On August 13, OKX announced the destruction of 65 million OKB and a strategic upgrade to its X Layer blockchain. This news propelled OKB to soar over 200% in a single day. After a brief consolidation, OKB surged again on August 20, prompting CEO Xu Mingxing to issue a risk warning. On August 22, OKB hit an all-time high of $258 but quickly retraced.
Positive news failed to halt the decline
Despite the release of two positive news items - a $100 million X Layer launch fund and the introduction of a fee rebate system on OKX DEX - OKB continued to decline. The overall cryptocurrency market also saw a pullback this morning, with the cryptocurrency fear index dropping to 43, indicating increased anxiety among investors.
However, analysts believe that the worst period of panic selling may be over. The downward momentum of OKB is slowing, with technical support expected around $150, a level that previously marked the beginning of OKB's rebound in August.
Macro Catalyst: U.S. Personal Consumption Expenditure Report
This Friday (August 29), the United States will release personal consumption expenditures (PCE) data - a key inflation indicator that could impact Federal Reserve policy.
If the report supports interest rate cuts, it may stabilize the cryptocurrency market and trigger a rebound in OKB. Otherwise, OKB may continue to decline towards the support level of $100.