After pulling back for two weeks, OKB found support and bounced back with over 10% gains in the last 24 hours. It appears highly bullish on the daily chart while several altcoins are currently taking a downturn.
Last month marked a slight turnaround in OKB’s landscape after sharply rejecting the $38 level with a bounce. This led to a major surge, and the price exploded massively to $54, its highest level in a month.
Unfortunately, it faced a rejection in the mid-month, and the price dropped steadily on a pullback mode. Crossing over into this month on a weak note, it found support above $45 on Thursday and resurged strongly to where it is priced at $51.6. We may see a drop if the bears intercept.
Considering the latest surge in volatility, the bulls appear to be gaining control on the daily chart. A strong weekly close could facilitate a key break above the previous monthly high. If that comes into play, bigger price movements should be expected in the coming week.
While this surge signals a potential bullish move, the trend may reverse if the price climbs above $65 capable of activating a major rally on the mid-term scale. Right now, it is too early to consider a reversal pattern as many obstacles lie ahead for the bulls, even if they sustain pressure.
OKB’s Key Levels to Watch
Source: Tradingview
Ahead of the bulls lies the $54 resistance level. Overcoming this close obstacle could pace the price to the $56.7 and $62 resistance levels.
For a pullback, the $48.2 level is considered a nearby support. Failure to rebound could slip the price back to the weekly low of $45.1. The lower support level is marked at $40, followed by last month’s $38 low
Key Resistance Levels: $54, $56.7, $62
Key Support Levels: $48.2, $45.1, $40
- Price: $51.6
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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