As of 6th March, the broader crypto market is lingering in fear, sending mixed signals across the digital assets. The prices oscillate between the red and green charts. The largest assets like Bitcoin (BTC) and Ethereum (ETH) have slipped to their recent lows. Among the altcoin pack, OKB has posted a remarkable 23.17% jump in the past 24 hours.
The token opened the day trading at the bottom of $77.32, and as the hours passed, the OKB price rallied to a high of $121.12, with bullish pressure. To confirm the uptrend, it has tested and broken crucial resistance zones between $78 and $120. As per CMC data, OKB trades at $95.57, with the trading volume having exploded by over 1783% to $31.3 million.
OKB’s current breakout would push the price toward the resistance range of $100.36. With solid pressure on the upside, the price might climb and test the zone at around $105.85, with the emergence of the golden cross, which supports further price gains.
Conversely, if the asset’s bearish condition pops up, the price could fall to the $90.11 support range. An extended downside correction might trigger the formation of the death cross, and the bears may send the OKB price to $85.04 or even lower.
OKB Charts Turn Bullish as Technical Strength Builds
The technical analysis of OKB reveals that the Moving Average Convergence Divergence line is above the signal line, which indicates bullish momentum. The short-term price is outperforming the recent average. As long as the MACD continues to stay above, it supports further upside.
In addition, the Chaikin Money Flow (CMF) indicator is noted at -0.18, suggesting strong selling pressure in the OKB market. Also, the capital is steadily flowing out of the asset. This negative value shows that distribution is taking place, reflects weakening demand and cautious market sentiment.
OKB’s daily Relative Strength Index (RSI) is resting at 76.29, displaying its overbought condition, with sturdy bullish sentiment. The buying pressure has been very strong, pushing the price higher. Significantly, the asset may get overextended, and there is a chance of a short-term consolidation.
Moreover, the Bull Bear Power (BBP) reading of 17.97 implies a robust bullish dominance. This level hints at a powerful upward momentum and strong buying interest. If it continues to rise, it could help keep up the upside. However, a decline might likely signal weakening bullish momentum.
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