OKB token price can be on its way to a reversal after its 200% rally, because sentiment becomes negative in the midst of whale sale.
Summary
- OKB rose nearly 200% to a record high of $ 125.88 before he withdrew to $ 104.4 when the sentiment became bearish.
- Santiment data exhibit negatively weighted sentiment and increased short positions.
- Fibonacci analysis highlights $ 81.96 as an important level of support for current levels.
According to data from crypto.news, OKB (OKB), the native token of Crypto Exchange OKX collected almost 200% to a record high in $ 125.88 yesterday, August 13, with its market capitalization at that time to $ 7.4 billion at that time.
However, the Token has since dropped part of his winnings and traded at $ 104.4 from the moment of the press. It is likely to see losses in the midst of growing of Sentiment on the market.
Data from Santiment shows that the weighted sentiment from OKB has further shifted to a negative area after the recent profit, indicating that traders are increasingly expecting a potential withdrawal.
The weighted financing percentage in its futures market has also become negative, indicating that a growing number of traders are opening short positions pending further prices.
The background is also because whales seem to load their OKB posture. Santiment data show a sharp decrease in the number of whale addresses with between 10,000 and 100 million tokens after the towering rally of OKB yesterday.
Such a sale of whale investors could lead to further falls if it sells panic that sells among retail traders who often follow these deep pocket investors in positions.
It is also common in the cryptomarket for early investors to sell their participations to increase profit after a cryptocurrency reaches a record high. Such movements can speed up a price fall for OKB if they coincide with a wider market sales, especially since the total cryptomarkt remains close to its new peak and can get increased volatility.
OKB price analysis
The price of OKB did not determine any clear pattern on the daily graph, because the recent increase in the months of consolidation followed within the range of $ 34 – $ 65 since the start of the year.
The relative strength index has formed a bearish -diversion after entering the overbought zone at 95 and then drops to 91. Although this marks a slight withdrawal, the indicator remains in extremely overbought territory, which still indicates an increased risk of correction.
The average directional index is currently 24, which suggests that a potential reversal trend is developing but is not yet at full strength. A lecture above 25 would confirm that the reversal is gaining strength.
Fibonacci retracement analysis identifies the following significant support at $ 81.96, corresponding to the level of 38.2%. A decisive break below this level could open the road for a deeper decrease to $ 44.20, an important long -term support zone.
Conversely, if buying pressure comes forward and OKB Rebounds from $ 81.96, this can indicate the start of another upward leg for token.
In the coming days, it will be crucial to determine whether OKB can stabilize at higher levels or see the profit unraveling once the momentum fades after the rally.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
