Thanks to the FTX/Alameda saga, the crypto market has taken a toll, pulling everyone along. But while the entire market is bleeding, OKB, the native token of the OKEx exchange, has posted substantial weekly gains. Notably, the coin is trading at $18.61, an increase of 14.57% over the past seven days.
However, its daily price hasn’t been great. At the time of writing, OKB has lost over 12%, and there is no hope of a recovery anytime soon. The only other crypto that held on to its weekly gains was Polygon’s MATIC. The coin is up over 9% since last week, but has since lost all gains. It has joined the rest of the market in the red zone with a loss of 6% 7 days.
Can OKB continue to hold, or will it join the rest of the market?
Although the OKB has achieved considerable gains, it seems unlikely to be sustained for long. The coin saw a 24% increase in price earlier this week after the exchange opened a store in the Bahamas. At the time, the coin cemented itself as the third highest gainer of the week.
However, the FTX liquidity crisis proved to be a strong rival to the news coin’s bullish run. The token has remained strong despite the decline in its trading volume and market cap over the past 24 hours. However, if OKB continues to stay above $18, it will be able to maintain its current position. But if the coin drops below this level, it could involve itself in the rest of the market. If this happens then recovery will not be easy.
According to the chart, OKB still looks like it might continue to stay above $18. Given its price fluctuations Against BTC and ETH, We can see that OKB has gained a lot of leverage on both of these assets. Furthermore, technical indicators on TradingView suggest that the coin is still holding strong momentum.
CMC community losing faith in the ability of OKB
CoinMarketCap Community not so fast About the prospects of OKB. Based on the platform’s price prediction tool, CMC traders have forecast a further decline in the price of OKB by the end of December. Specifically, they see the OKB drop to an average of $16 before the year ends. This is 11% less than its current price. The last time OKB was trading at $16 earlier this month. Therefore, falling back to that limit may not be new for the coin.
In fact, the token has always found support below that range since September this year. Notably, after the September 8 spike, it raised the $14.50 support level. Since then, it has maintained a steady trade between that level and $17. Looking at its chart setup, OKB might try to use $17 as a new resistance level. If the market breaks out of its latest FTX-related bearish move, it may have a chance to test $20 again. However, no one knows when the market will turn upside down.
Featured image from Pixaby and chart from TradingView.com