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OKB Soars by 5% in 24 Hours Despite Poor Market Performance

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·2 min read
In this article:
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The cryptocurrency market performed well over the weekend but has been experiencing a bearish performance in the past few hours.

OKB Outperforms the Major Coins

OKB is the native token of the OKEx cryptocurrency exchange. The token allows users to access the special features offered by the cryptocurrency exchange. The OKB coin is used to calculate and pay trading fees, allow the users to gain access to voting and governance on the platform, and reward users for holding the OKB coins.

The coin has been performing well over the past few hours. In the last 24 hours, OKB has added more than 5% to its value. This means that it has outperformed some of the major cryptocurrencies, including Bitcoin, Ether, Binance Coin, Solana, XRP, Terra and Polkadot. Cardano is the only cryptocurrency amongst the top ten that has outperformed OKB in the last 24 hours.

Bitcoin is down by 0.2% in the last 24 hours and currently trades above $42,800 per coin. Ether has lost 1% of its value during that period and is still struggling to top the $3,300 resistance point.

There is no clear catalyst behind OKB’s latest rally. The OKEx exchange is set to list ASTR — the utility token of Astar Network on its platform later today.

OKB Could Rally Towards the $30 Level

The OKB/USD daily chart shows that the cryptocurrency is currently performing well. The technical indicators are positive, and OKB could rally higher over the coming hours and days.

OKB’s MACD line is below the neutral zone. Source; FXEMPIRE
OKB’s MACD line is below the neutral zone. Source; FXEMPIRE

OKB’s current rally saw it break past its 50-day moving average price of $27.07. If the rally continues, OKB could surpass the $30 psychological level before the end of the day. The MACD line is still within the negative region, but it has been moving higher in the past few hours.

The RSI of 52 shows that OKB is out of the oversold region and could enter the overbought zone if the rally continues. In the event of an extended rally, OKB could reach the $32 mark before the end of the day.

This article was originally posted on FX Empire

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