OKB Price Shows Strength, Will It Hit New ATH This Year?
The OKB price has flipped the previous all-time high level as support and is currently trading within a continuation pattern. It is expected to rise even higher in the near future.
Maintaining Above the Previous ATH
The OKB price has increased by over 500% since reaching a low of $10 in June 2022. This move helped the price break above the resistance zone at the previous all-time high of $40-44 and reach a new all-time high at $59 during the week of February 13 to 19, 2023.
Although the price retraced afterward, it successfully turned the $40-$44 range into support since then. This is a very positive sign as it indicates strong buying interest on minor dips, often followed by strong uptrends.
Furthermore, the price of OKB has been trading within a symmetrical triangle since reaching the new ATH. As this is a continuation pattern, the price is likely to break out above this pattern.
The weekly RSI favors the continuation of the uptrend as it bounced from the 50 level and formed a bullish divergence.
If a breakout occurs, the OKB price could rise to $71. This target is found by measuring the height of the pattern and adding it to the breakout point.
The daily chart shows that the OKB price has been trading within the range of $41 to $44 since August 17. After being rejected by the upper boundary of the range on September 19 (red arrow), the OKB price flipped the middle line of the range as support (green arrow). This is a positive sign, indicating that the bulls are controlling the price action within the current range.
The daily RSI is above 50 and sloping upward, supporting the potential breakout above the range.
Therefore, the OKB price is likely to break out above the current range and rise to the next horizontal resistance at $49.
The most likely scenario suggests that the OKB price will rise higher in the near future. The immediate target is $49, with further potential to reach $71.
This bullish outlook would be invalidated if the price breaks and closes below the $40-44 zone on the weekly timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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