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OKB Jumps 90% in 7 Days Toward $200, What’s Fueling the Rally?

OKB over 50% surge

TL;DR

  • OKB worth surged 88% in 7 days, pushed by rising demand and shrinking provide.
  • A 93% provide discount and token migration helped the asset attain a brand new worth report $195.
  • RSI hits 92 as OKB rallies, whereas merchants watch resistance at $200 and $250.

Sturdy Value Motion and Buying and selling Quantity

OKB, the utility token of crypto alternate OKX, has posted sharp positive factors this week. The token rose 88% over the previous seven days and gained 51% within the final 24 hours. OKB touched a brand new excessive of $196 earlier within the day earlier than buying and selling barely decrease at $193.

OKB over 50% surge
Supply: Crypto Bubbles

In the meantime, buying and selling quantity surged as curiosity within the token grew. Spot market exercise reached $7.74 billion within the final 24 hours, displaying a pointy improve from earlier ranges. 

Within the derivatives market, futures quantity climbed to $200 million, up 396%, whereas open curiosity rose 195% to $17.52 million, primarily based on knowledge from Coinglass.

What Pushed OKB to a New All-Time Excessive?

OKX has accomplished the migration of the OKB token to its new chain, X Layer. As of August 21, 90% of OKB tokens had been moved, based on analytics agency LunarCrush. The transfer is a part of a broader plan to convey all OKB tokens underneath one community with a set provide of 21 million.

Together with the migration, OKX confirmed the everlasting elimination of 65.26 million OKB from circulation. The burn included earlier buyback reserves and unused stock. This discount introduced the circulating provide down by 93%, shifting OKB to a capped provide mannequin.

Technical Ranges and Chart Construction

Value knowledge from the each day chart exhibits that OKB stays in an upward trend. The present buying and selling vary stretches from $167 to $195. Assist ranges are positioned close to $150 to $155, which held throughout earlier consolidation. 

Further assist lies at $125 and $100. Resistance is close to $195, with consideration now turning to round-number ranges at $200 and $250.

The RSI is at 92, suggesting the asset is buying and selling in an overbought zone. Whereas this may occasionally level to slowing momentum, it additionally confirms latest energy. The BBTrend indicator stays in adverse territory however could not replicate real-time market shifts throughout speedy strikes.

OKB price chart
Supply: TradingView

Consequently, the leap in worth has been supported by rising buying and selling exercise and stronger curiosity throughout social platforms. The mix of a set provide, token migration, and elevated participation has saved market consideration on OKB. 

Lastly, merchants are watching whether or not the worth can maintain present ranges or try one other transfer above the latest excessive.

The submit OKB Jumps 90% in 7 Days Toward $200, What’s Fueling the Rally? appeared first on CryptoPotato.

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