#OKB Drops Nearly 10% Amid Pullback: Technicals Hint at Short-Term Recovery or Deeper Decline

OKB Retreats After Last Week’s Bullish #Gains The altcoin OKB (OKB) gave back a significant portion of its recent rally, with prices plunging nearly 10% in the past 24 hours, according to #TradingView .

The correction follows a progressive #bullish run, leaving traders debating whether the current decline is a routine pullback or the start of a more sustained downtrend. Market participants remain closely watching technical and on-chain signals to gauge the token’s near-term trajectory.

Technical Analysis: Signs of Fading #Bearish Pressure

Despite the sharp decline, several technical indicators suggest that selling pressure may be easing:

Stochastic RSI: This oscillator approached oversold territory, indicating that the current selling may be exhausted. Oversold readings often precede short-term rebounds, as traders look to capitalize on undervalued conditions.

Decline in Seller Activity: Data from IntoTheBlock, as reported by KriptoNovini.bg, shows that the total number of OKB tokens sold by bears collapsed from 209.5 million to just 41.8K. This suggests that aggressive profit-taking has likely played out, potentially paving the way for a stabilization or bounce.

These indicators collectively hint that bearish momentum may be losing steam, which could favor a short-term recovery in the token’s price.

On-Chain Signals Raise Caution

While technicals point to potential recovery, the on-chain picture appears more mixed. Key metrics reveal areas of concern:

Decline in Holding Addresses: The number of OKB wallets fell sharply over the past 24 hours, dropping from approximately 7.3K to 6.2K.

Retail Rotation: A sudden decrease in active addresses often indicates that smaller investors are exiting positions during volatility, leaving larger holders and speculative traders in control...

read more 24crypto .news