OKB

OKB price prediction is bullish, however, the coin is now heading lower to complete the 38.2% Fibonacci retracement at $28.30. Despite the fact that the global cryptocurrency market has been in a downward trend, the price of the OKB token has been growing and has surged by more than 30% in the last week.

Following the announcement of a collaboration with NEST Protocol, the OKB coin experienced a substantial growth this week, growing by over 30%.

On the other hand, the upticks in the OKB coin were further bolstered after OKX launched a liquidity pool for investors, which has caused the OKT’s price to climb by almost 40%.

In the meantime, numerous cryptocurrency exchanges have regularly presented evidence of reserves to enhance transparency since the FTX collapse, and OKX has been at the forefront of this trend. This, in turn, aided OKB in gaining traction.

Another remarkable development is the sudden following of OKX’s official Twitter account by the previous world’s richest man, Elon Musk. The information is important since Musk follows only 151 users on Twitter. Therefore, this was seen as another key factor that helped the OKB coin gain further traction.

Apart from that, Bitcoin and Ethereum, two of the most popular crypto coins, are showing some comeback and have remained stable, with 1% and 1.5% rises in recent hours. Meanwhile, the global market cap increasing by 1% suggests some encouraging activity there as well.

However, the first week of 2023 seems to have begun with a stable start, with the major cryptocurrencies holding steady. Therefore, the positive crypto market is also helping to bolster the OKB coin value.

Significant Price Rises For OKB

As previously stated, the OKB, the utility token of OKX, a cryptocurrency exchange based in Seychelles, increased by up to 30% in the previous week.

This is because the OKX exchange has joined a trend among centralized exchanges to increase transparency.

Since the demise of FTX, crypto exchanges have routinely presented evidence of reserves, with OKX taking the lead. To attract investors who are familiar with cryptocurrencies, exchanges have taken the lead on accountability and responsibility by offering proof-of-reserves (POR).

The Merkle Tree approach was used to create a sustainable balance sheet in OKX’s most recent proof-of-reserves (POR). As a result, investor confidence rises, assisting the OKB coin to rise.

OKX Offers a Liquidity Pool

On December 20, OKX will introduce a liquidity pool with 40% annualized percentage rewards for investors. OKX is the world’s second-largest exchange by trading volume, after only Binance. The introduction of a staking platform on OKC is the most recent on-chain upgrade made available to OKX’s ecosystem to assist the exchange’s fast-growing DeFi business.

In addition to receiving tokenized incentives, OKC users will stake OKT in the liquidity pool. The price of OKT has increased by almost 40% since the launch of the staking service.

The exchange has been granted permission to expand to Dubai by the United Arab Emirates. The Dubai World Trade Center granted the license on behalf of the Dubai Virtual Assets Regulatory Authority. These changes may cause a surge in the price of OKX’s native and utility tokens.

Elon Musk Following Crypto Exchange OKX

Another significant piece of news that boosted OKB prices was Elon Musk’s spontaneous follow of OKX’s official Twitter account. The information is significant because Musk only follows 151 people on Twitter.

It’s incredible that Tesla’s CEO suddenly follows the cryptocurrency exchange OKX while not even following Binance or Changpeng Zhao, the company’s CEO.

Binance, the world’s largest cryptocurrency exchange at the time, contributed $500 million to Musk’s purchase of Twitter, making it one of the company’s sponsors.

OKB Price Prediction

The current OKB price is $29.97, and the 24-hour trading volume is $35 million. OKB has fallen by 1% in the previous 24 hours. OKB is now ranked #28 in the market, with a live market cap of $1 billion. It has a circulating supply of 60,000,000 OKB coins.

On the technical front, OKB is expected to find immediate support at $28.35. A break below this level may lead OKB to the next support level of $26.60, which is extended by 61.8% Fibonacci retracement.

OKB

OKB Price Chart – Source: Tradingview

The RSI and MACD indicators are indicating a buying trend, but it is retracing lower, so closing candles above $28.30 can drive a bullish bounce-off. On the upside, OKB may encounter new resistance at $31.25.

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