Vijesti Analize OKB - Buy or Sell?

OKB - Buy or Sell?

September 20, 2023 Analize
BITmarkets | OKB - Buy or Sell?

Given that the longer-term direction for OKB is predominantly bullish, a price correction is expected to form in the coming period. This prediction is based on the breakout of the Higher High at $44.355, after which the price would likely begin to subside.

OKB1,1

OKBUSD (1 Week Time Frame)

Should this scenario be confirmed, there are three main Areas of Interest (AoI) which may provide a springboard for price to continue the bullish trend. All zones also correspond with Fibonacci Retracement zones. The highest AoI is located at the psychological level of $30.0, which may represent a strong attraction for the price.

As these zones are on the weekly time frame, it will be important to watch the structures on the lower time frames such as the daily & 4-hour periods because in this case, the correction inevitably creates bearish structures, and these must be overturned for the buying pressure to continue.

The second scenario which may occur is the withdrawal of the lower liquidity of the current range zone in which the price is located. Should this second scenario occur, it is possible that a deeper pullback would still occur in the future. It is these deeper pullbacks which present traders and investors with profitable opportunities to enter the market with significantly lower risk.

A BIT about OKB

OKX, the ecosystem behind the OKB utility token, was introduced in 2017. It offers several intriguing features and functionalities that set it apart from other digital currencies.

One of its primary characteristics is its decentralized exchange, which allows trading of various cryptocurrencies and tokens in one place. It also stands out with its multi-layered security system and robust tools to guard against fraudulent activities. OKX is also known for its wide range of products, such as futures contracts, options, and betting products, providing traders with numerous opportunities to diversify and secure their portfolios.

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