OKB Price Has Reached A New High, Although Excessive Open Interest Is Concerning

Key Points:

• On February 5, the price of OKB reached a new all-time high and showed no symptoms of weakening, indicating that the uptrend may continue.
• The price is able to continue to increase because the weekly RSI is oversold but is not producing any negative divergence at this time. Both $37 and $31.50 are where you’ll find the nearest support locations.

On November 13, 2022, OKB was able to break over the falling resistance line and recently this token has reached a new ATH.

The price of OKB reached a new high. The fact that it did not exhibit any significant symptoms of weakening is suggestive of the continuation of the upward trend. OKB is a cryptocurrency that was developed jointly by the OK Blockchain Foundation and the cryptocurrency exchange OKEx, which is based in Malta. OKB is a utility token that gives customers access to the various special features of an exchange for cryptocurrencies.

The coin is used to compute and pay transaction fees, to offer users voting and administrative privileges, and to reward users for holding OKB. It is important to point out that the OKEx exchange presently has assets worth $7.97 billion as well as open interest totaling $4.01 billion.

In sharp contrast to Binance, which has a ratio of almost six to one, this exchange has a ratio that is less than two to one. The number of unresolved derivative contracts is referred to as open interest. As a result, this ratio raises concerns about the company’s liquidity.

Since June 2022, there has been an upward trend in the price of OKB. The rate of rise picked up speed in December, and since then, the price has gone up by 99%. The price of OKB reached a new all-time high of $45.54 on February 5th, setting a new record for the day.

In spite of the significant rise, there is yet no evidence of a decline. Despite the fact that the weekly RSI is oversold, no bearish divergence has been formed. Because of this, the price is able to keep climbing higher. Both $37 and $31.50 are where you’ll find the nearest support locations. To the downside, the next potential point of resistance is calculated to be around $66.36, which is the level produced by the Fibonacci retracement.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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