The breakout pattern of OKB was strengthened by the network and trading activity.
After a gain of 5.9% over 24 hours, the token was trading near $93,17. The daily trading volume jumped 63%, to $45.14million.
As OKB neared a significant resistance level, the volume increased.
The network activity has also been supportive of the positive outlook. The number of active addresses increased to 103 this month, the highest in a long time. This was a sign of increased participation on the chain, along with OKB’s recent price change.
What is the OKB price break?
OKB’s daily chart shows that it traded in a bullish pattern after recovering from the June lows. The token reached $100, an important psychological mark that was aligned to the upper resistance pattern.
The continuation of the broader economic recovery could be confirmed by a decisive break above $100.
OKB was also trading above the 20-day EMA, as well as its 50-day EMA, 100-day EMA, and even 200-day EMA. The medium-term structure remained skewed in favor of the bulls as long as the Moving Averages were held above.
Stochastic RSI, however, rose to high levels near 66.67. This reading indicated that the buyers were in control. The reading also increased the possibility of a short-term consolidation.
Does volume support OKB rally?
The latest OKB move coincided with an increase in volatility.
Daily Volatility has risen to its highest since June.
Histoically, higher price fluctuations of OKB have been correlated to greater volatility. This made the $100 price test more important.
The daily volume of trading reached $45.14 after an increase of 63%. The sustained increase in volume during a breakout could be evidence that sellers were absorbed by buyers.
Bullish flag breakouts can be confirmed with a daily closing above $100. OKB’s rejection could push it toward the EMA support cluster, which is near $85.87 to $95.87.
Final Summary
- OKB Active Addresses surpassed 103 this month for their highest level, and the bullish token setup is supported by that.
- The OKB Bullish Flag breakout can be confirmed by a daily closing above $100, but the key support is $85-$87.
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Source: ambcrypto.com
