OKX is a crypto exchange platform that showed a buyer's interest after including Binance Coin in its trading list. Now investors can buy and sell BNB (BNB/USDC and BNB/USDT) on the spot trading platform of OKX.
As soon as the news appeared regarding the BNB announcement, the native token of the platform (OKB) was on more than a 4% upside, making it the best performer among the top 50 cryptos by market cap.
On the other hand, the broader crypto market has retreated in recent trading days, while the current total market cap is now below the $810 billion mark
OKB is an ERC-20-based token that users can use as a utility element of the relevant platform. Buyers' interest came to this pair as OKB holders can also enjoy discounts and several benefits on the OKX platform.
Initially, the coin's total supply was announced to be one billion, with a circulation of 300 million coins. However, it appeared as a deflationary token, which allowed developers to use a quarterly ‘Buy-Back-Burn’ mechanism. In this process, the number of active tokens has been decreasing which can grab a buyer's attention based on lower supply.
Let’s see the OKB Forecast from the OKB (OKB) Price Prediction:
OKB/USD Price Is Forming A Rising Wedge Pattern
In the daily chart, OKBUSD is trading within a bullish trend although the broader crypto market is bearish. It is a sign that this token grabbed massive investors' attention due to the stable fundamental background that can extend the buying momentum during the holiday season.
If we look from the left to right, the current tradable range for this token starts from 26.00 high to 20.25 low. The current price is trading at the discounted level of this zone, which can offer a high probable buying opportunity.
The latest high volume level from Nov-Dec peak is below the price, working as an immediate support level. Moreover, the dynamic 20 EMA is proving to confluence support to bulls.
The challenging factor for the buy side pressure is the RSI divergence, while the recent buying pressure is forming a rising wedge pattern. Still, the pattern is not validated as one more bullish swing is needed to be formed.
Based on the current daily OKB Price Prediction, the buying pressure in this token is valid as long as the current price is trading above the 20.25 swing high. In that case, any bullish rejection on the intraday chart could offer a long opportunity, toward the 26.00 level.
On the other hand, bears should wait for the price to come below the 20.00 level, which will open a bearish possibility, targeting the 17.22 key support level.
OKB/USD Ichimoku Cloud Analysis
In the H4 timeframe, the current price is trading below the Kumo Cloud resistance, while the thickness in the future cloud is supportive of bears.
The current price is trading above the latest trendline support, while the static 21.56 support level is the main barrier to sellers. In the MACD indicator, the Histogram is below the neutral 0.0 level while EMA’s are preparing for another downside push.
Based on the current OKB Coin Price Prediction, a selling possibility is potent in this pair, where a bearish H4 candle below the 21.50 level could offer a short opportunity, targeting the 19.45 support level.
On the upside, a recovery above the dynamic Kijun Sen is needed, where a new H4 candle above the 23.10 level would offer a buying opportunity, where the main aim is to test the 25.00 level.
OKB/USD Intraday Price Action Analysis
In the intraday price action, the current price is still trading above the high volume level from 07 to 24 December range. It is a sign that bulls are still active in the price and can initiate an upside pressure.
The dynamic 20 MA and weekly VWAP are closer to the price whereas a new H4 candle above these levels could indicate a bullish trend continuation opportunity.
In the indicator window, the current TDI level is below the 50% neutral zone, where a bullish recovery above the 50% level is needed to form a stable trend.
Based on the intraday OKB Crypto Price Prediction, a new H4 candle above the 22.32 swing high could offer a long trading opportunity in this instrument. However, breaking below the visible range high volume level with a bearish H4 candle below the 21.56 level would open a short opportunity, targeting the 17.00 area.
Is OKB/USD A Buy?
Based on the current price outlook, OKB/USD is trading within a buying momentum but the upside momentum is not impulsive. In that case, a bearish pressure with a short opportunity in the H4 timeframe could offer a high probable short possibility in this pair.