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OKB Price Analysis for February 17

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Fri, 17/02/2023 - 13:58
OKB Price Analysis for February 17
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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The market is mainly trading sideways after a recent correction.

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OKB/USD

The rate of OKB keeps rising by around 5% over the last 24 hours.

OKB/USD chart by TradingView

On the hourly chart, the price of OKB has broken the local resistance at $49.80, which means that bulls remain more powerful than bears. From another point of view, the altcoin has passed most of its daily ATR, and sideways trading in the area of $51-$51.50 is the more likely scenario.

OKB/USD chart by TradingView

On the daily time frame, traders should pay attention to the mark of $52.80. If the bar closes near it, there are chances to see a breakout, followed by a blast to the $55 zone. Thus, the volume is growing, which means that bulls are ready to keep the midterm bull run going.

OKB/USD chart by TradingView

A similar situation can be seen on the weekly time frame, as the price has broken all possible levels and is setting new peaks now. Currently, the zone of $50 plays an important role for bulls in terms of further growth.

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If buyers can hold the rate above that mark, the upward move may continue to $60.

OKB is trading at $51.479 at press time.

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