Ali Raza
OKB, the native token of the OKX exchange, has been on a massive bull run during the past 24 hours. The token’s bull run comes after the OKX exchange unveiled a branding campaign dubbed “What is OKX.” The goal of the campaign is to familiarize people with the exchange.
OKB jumps 20% in 24 hours
At the time of writing, OKB was trading at $16.56, according to data from CoinGecko. While the global cryptocurrency market has shot up by 6% during this time, there are some interesting levels to watch in the OKX price movement for the short term.
The daily chart shows that OKB’s price has significantly changed during the past day. The gains follow a sharp decline witnessed on September 7, 2022, when the price dipped to around $13.
The OKB daily chart shows that the token’s price has increased buying support. The price of the coin is on a steady uptrend, and traders looking to earn returns despite the bear market are looking for the most undervalued cryptos they can buy.
The RSI of 47 shows a struggle between the bears and the bulls regarding who will take control of the market. While the bears expect the price momentum to be exhausted, the bulls are optimistic that the positive developments surrounding the OKX exchange will sustain the rally.
On the other hand, the Moving Average Convergence Divergence (MACD) shows that now could be the best time to buy OKB tokens, as evidenced by the movement below the signal line. The buying momentum created at the current prices could allow OKB to achieve its short-term targets.
OKB currently has a short-term price target of $17 that could be realized in the coming trading hours. Overwhelming buyer support could push OKB to $20, but attaining such high levels will require broader market support.
On the downside, if bears win and drop the price to $15, it would suggest that the sellers want to dispose of the tokens in fear of the prices dropping to the previous lows. Sellers could also erase the current gains and plunge OKB lower to $13.
OKX branding campaign attributed to the recent price rally
The OBK uptrend is attributed to the recent branding campaign launched by the OKX exchange. As the bear market continues to pile liquidity pressure on exchanges, many are forced to come out of their comfort zones and find ways to attract new users and increase trading volumes.
The OKX exchange plans to do this through a branding campaign called “What is OKX.” OKX, the second-largest cryptocurrency exchange globally by trading volumes, wants to outperform its main competitor Binance, which has been performing quite well despite the bear market.
On its Twitter page, OKX has revealed that the campaign will feature partnerships with Manchester City’s Pep Guardiola, Formula 1 driver Daniel Ricciardo and Olympic medallist Scotty James.
All systems are go #WhatIsOKX? Perfume? Race car? Rap song? Cereal? Wrestler? Energy drink?
We’re your new favorite #crypto trading app
The future is tradeable – switch to OKX today: https://t.co/b4OA4p6Azx pic.twitter.com/XTspylXD2L
— OKX (@okx) September 8, 2022
The partnership cements the growing relationship between the web 3.0 & crypto space and the sports sector. Looking at the line-up of the celebrities involved in the branding campaign, it is evident that OKX wants to expand beyond the Asian market. In Asia, 65% of crypto traders recognize OKX as their preferred cryptocurrency app, but the number is significantly low in other regions.
The Global Chief Marketing Officer at OKX, Haider Rafique, said it was time to bring OKX to the rest of the world and give cryptocurrency investors a safe and responsible trading platform. Rafique said that OKX deployed cutting-edge technology and finance together to realize the future.
Crypto winter slows down crypto campaign efforts
The cryptocurrency market has been on a significant downturn since the beginning of the year. The crypto winter has introduced a liquidity crunch that has seen many exchanges halt their marketing efforts.
Crypto.com, one of the leading cryptocurrency exchanges globally, recently halted a partnership deal with the UEFA Champions League. The exchange said it halted the campaign because of licensing issues in several European countries. CryptoCom was one of the largest sponsors of sports deals.
Earlier this year, there was an influx of crypto companies that invested in Super Bowl ads, including Coinbase. In May, Coinbase announced that it was laying off 18% of its staff because of the cryptocurrency winter. This year, the exchange’s stock has declined because of poor quarterly financial results.
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This article was written for Business 2 Community by Ali Raza.
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