In late July, OKEx’s exchange token OKB broke a major resistance area around $5.40 and proceeded to surge up about 16%. That surge has now had time to fully correct, and a few days ago we saw a powerful show of support on the retest of that breakout area – making the future look bright for OKB.
We start on the daily to get a general view. Here we can see the breakout and retest referred to above, all supported within a gently uptrending channel. Having confirmed $5.50, we are pretty likely to see some continuation in this uptrend at least until the $7. Volume has been rising cautiously of late.
Moving back to the weekly timeframe, we see the context of that resistance. This area makes up OKB’s regional high, where the crypto exploded to in February before the global market crash caused by COVID19. What we have here is a medium-term uptrend; a long term uptrend will need to break this resistance area in order to be confirmed.
Given the glacial pace of OKB, it might take a little while to achieve this retest of resistance. But we can also note that the 8-week EMA was also held on the recent support test, and thus we are again likely to see OKB at least make it up to the $7 area.
Finally, on the short term chart we that the first bounce coming off the retest area has had some time to shake out and correct. We need to see a hold around $5.80, and if we get that we are likely to get another leg up. This will be the 3-wave of the medium timeframe move up to ~$7, and thus the strongest move of the wave.
It is not quite confirmed yet, and volume on OKEx is yet to come in in a big way. Watch for this confirmation, though, in order to catch the next wave up to $7.
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