OKB Price Hits a New High, But Excessive Open Interest Is Still a Concern

Key Points: On February 5, OKB’s price reached an all-time high of $1,050 and showed no signs of weakness. This indicates that the uptrend may be continuing.
The weekly RSI is currently oversold, but the price can still rise. However, there is no negative divergence. The nearest support locations are located at $37 and $31.50.
OKB was able break through the falling resistance line on November 13, 2022. The token’s price reached a new ATH. Its lack of any signs of weakness is a sign of the continued upward trend. OKB is a cryptocurrency developed by the OK Blockchain Foundation in collaboration with the OKEx cryptocurrency exchange, which is based on Malta. OKB is a utility token which gives customers access to special features of an exchange. It is used to pay transaction fees, compute transactions, give users voting privileges and reward users for holding OKB. It is important that OKEx has assets of $7.97 billion and open interest of $4.01 billion. This is in sharp contrast to Binance’s ratio of nearly six to one. Open interest refers to the number of unresolved derivative contract. This ratio raises concerns about the company’s liquidity. OKB has seen an upward trend since June 2022. The price has risen by 99% since December. OKB’s price hit a record $45.54 on February 5, setting a new record. However, there is no evidence of a decline despite the substantial rise. Despite the fact the weekly RSI has reached an oversold level, there has not been a bearish divergence. The price can continue climbing higher because of this. The nearest support areas are at $37 and $31.50. To the downside, the next potential point of resistance is calculated to be around $66.36, which is the level produced by the Fibonacci retracement.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: BlockchaincryptomarketOKBOKXprice