On the daily chart, OKB’s price action has shifted from a corrective ABCDE structure to a sharp, impulsive uptrend.
After reaching a peak of $64 during Wave iii on Dec. 4, OKB underwent a corrective Wave iv. On Dec. 20, the token dipped to $42, marking the beginning of a fresh rally.
OKBUSD 13% spike seen | Credit: Nikola Lazic/TradingView
The recent breakout from Wave iv’s descending wedge suggests a larger uptrend, potentially launching Wave v.
The price recently tested the 0.382 Fibonacci retracement level around $51, briefly spiking by 13% to $53 before consolidating.
The RSI, which had previously signaled overbought conditions, is now in a more neutral position, signaling that the consolidation could soon give way to a bullish continuation.
Key Observations
OKB completed an ABCDE correction, followed by an impulsive rally.
Wave iv is forming a descending wedge, signaling possible breakout potential.
Key support is at $47.04 (0.5 Fibonacci retracement).
Immediate resistance is at $55.79 (0.236 Fibonacci retracement).
Wave v target aligns with $73.75, the previous high.
RSI shows reduced overbought conditions, indicating a potential reversal.
OKB Price Prediction
Zooming in on the 1-hour timeframe, OKB has broken free from a descending trendline, confirming a fresh, impulsive move. The token recently tested the 0.382 Fibonacci retracement level ($50.99), and current consolidation suggests a continuation toward higher targets.
OKBUSD more upside expected | Credit: Nikola Lazic/TradingView
In the short term, the price could retest $48 for support. This level, formed by both a horizontal and ascending trendline, is crucial for maintaining the bullish structure.
The next resistance zones to watch are $55.79 and $63.62, which align with key Fibonacci retracement levels and previous highs.
If OKB fails to maintain support at $48, a deeper retracement to $43.13 (0.618 Fibonacci retracement) could occur. However, the broader bullish trend remains intact, provided the token holds key support.
Key Levels to Watch
Immediate support: $48 (ascending trendline) and $47.04 (0.5 Fibonacci retracement).
Immediate resistance: $50.99 (0.382 Fibonacci retracement) and $55.79 (0.236 retracement).
Major resistance: $63.62 (previous high and Wave v target).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
