OKBUSDT About to make a huge bullish break-out!

The OKB token (OKBUSDT) is the Global Utility Token that was launched by the OK Blockchain Foundation and OKX exchange in 2017, to serve as a bridge to connect OKX and its users. On this post, we will analyze how current pattern may be bullish short-term against popular belief and how it may play out on the long-term.

** Technical Analysis **
This analysis is on the 1D time-frame where OKBUSDT is having a +8% rise. Following the formation and quick invalidation of a Death Cross (that is when the 1D MA50 (blue trend-line) crosses below the 1D MA200 (orange trend-line)), the price has turned both into Supports. Being technically a bearish formation, as you see on this chart however (which displays OKB‘s price action since May 2021), all past three Death Crosses have been formed on or straight after market bottoms. Especially in the cases of July 03 2021 and October 15 2021, OKB rose significantly following the Death Cross. See also how similar their 1D RSI sequences look like.

A potential rise short-term, is still limited to the Resistance force set by the Lower Highs trend-line that started on the May 03 2021 market Top. This is where the price got rejected on December 17 2021 and more recently August 14 2022. Technically only a break above this trend-line can be considered as a long-term break-out signal, but all past post Death Cross rises have been more than +33% (max +162%), and that would take us above the Lower Highs Resistance, thus starting a new Bull Cycle. Ideally, we will be looking for a closing above the 0.382 Fibonacci retracement level, in order to call for a potential bullish reversal.

If it fails to break-out, the OKB token will continue trading within that long-term Triangle pattern designated by the May 2021 Lower Highs and the Support Zone (green) that started on the May 19 2021 Low and since then had another four contacts made. A break below the 1D MA200 in particular, would be a bearish signal targeting the 1W MA200 (red trend-line).

** Fundamental Analysis **
Fundamentally, OKBUSDT remains an excellent investment opportunity as it goes hand in hand with the long-term growth of the OKX exchange. With a market cap of $3.91B, the price of OKB token is ensured by sending tokens to a burning address every 3 months, each burning report could be checked by users. OKB holders could enjoy up to 40% trading discounts (based on how many OKB tokens they hold), participate in token sales, earn passive income, enjoy security, utility and financial services by spending OKB on cooperated platforms and other added values.

With 28,548,715.55 OKB already burnt, the current circulating amount is now 271,451,284.45 OKB. OKB is designed by OKEx’s top Research and Develop personnel based on the blockchain technology with the use of a token economic model to connect the world’s highest quality innovative digital assets with OKEx platform users. OKB has built up a better OKEx ecological closed loop, and achieved a win-win in the blockchain industry.

Tradingview link:

https://www.tradingview.com/chart/OKBUSDT/aKFWuXlv-OKBUSDT-About-to-make-a-huge-bullish-break-out