Key Takeaways
- OKB recently broke out of Wave iv’s descending trendline, signaling the start of a new impulsive phase.
- Wave iii reached $50.99, the 0.382 Fibonacci retracement level.
- Short-term consolidation could lead to a push toward $55.79 resistance and higher targets.
OKB has shown a promising breakout, with its price action indicating a shift into a new phase.
After breaking out of a descending trendline, the token is in the midst of a price consolidation that could precede a continued rally.
As the Relative Strength Index (RSI) normalizes, OKB is poised for further gains in the coming days.
OKB Price Analysis
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.
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.
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).
