OKB Price News: OKB Trading Volumes Explode, But A Price Drop Might Be Incoming

OKB (OKB), a utility token used within the OKX exchange to get fee discounts and other perks, has jumped by more than 11.3% in the past 24 hours following the launch of this popular CEX in the United States.

OKX announced its plans to enter the U.S. market in April this year as the pro-crypto Trump administration, which includes new leadership at the U.S. Securities and Exchange (SEC), has paved the way for an expansion of the country’s crypto industry.

Trading volumes for OKB have more than tripled in the past 24 hours as well, possibly as U.S. users are now buying the token to get lower fees on their trades.

OKX Official X Account – Source: X.com

In a tweet shared on Monday, the OKX team confirmed that the platform is now available to U.S. customers. This means access to its proprietary trading interface, wallet, futures trading module, and other services.

The demand for OKB could skyrocket now that the exchange has tapped this huge market. Currently, OKX is the fifth largest centralized exchange with daily spot trading volumes of $1.6 billion.

OKB Could Drop to $45 Despite Today’s Jump

Looking at the daily chart, we can see that OKB was already on a downtrend after it reversed its uptrend following a bearish breakout below the $52 level.

OKB/USDT Daily Chart (OKX) – Source: TradingView

The price retested its second best higher high once at $54 and has now retested that level today and has apparently rejected a move above it for a second time.

Both of these retests confirm the importance of this resistance to market participants and favor a bearish outlook for OKB that could send it to the $45 area.

The nearest and most relevant support to watch at the time would be the 200-day exponential moving average (EMA). The price has bounced off this level multiple times already and could be the first target for a short position.

So this would be a good level to take partial profits off a short position as the price has bounced multiple times off it. However, the target would be the $45 area first and – if a bearish breakout occurs – the $40 area next.

This means significant downside potential ahead for OKB despite today’s jump. As long as the $54 resistance holds and the price does not break it, the token’s outlook seems to be bearish.

Hourly Chart Shows Ideal Entries for a Short Position

Heading to a lower time frame, we can see that selling pressure increases exactly at $54.5 and the price has already declined two times after hitting that level. Hence, another retest of that area today would offer the best entry for a short position.

OKB/USDT Hourly Chart (OKX) – Source: TradingView

OKB’s short-term moving averages have posted bullish buy signals today but based on the selling pressure seen at that level the maximum upside of that signal could have been exhausted already.

A second sell signal and optimal entry for a short position could come if the 9-period EMA crosses below the 21-period EMA as this ‘death cross’ typically triggers some strong selling.