Onooks (OOKS) Rallies 130%, Then Fades

What Is Onooks?

Onooks developers say that OOKS is a “decentralized crypto currency that advocates for building an integrated and interoperable open finance and monetary protocol matrix serving as a unified liquidity pool and back-bone infrastructure for DeFi and open finance applications”.

The description is typical for a modern DeFi project which promises to disrupt the modern financial system. According to CoinMarketCap, the coin is ranked 1150 by market cap with a total market cap of $7.9 million and a fully diluted market cap of $8.67 million.

Given the low market cap, it is not hard to move the price of Onooks with a big trade, so traders should not read too much into the recent price action.

OOKS Had Similar Price Action Before

Onooks rallied from the $0.53 level to the $1.22 level but then moved back towards $0.54 before rebounding to $0.72.

The chart above shows that such price action is typical for Onooks. The coin is generally trending higher with periodic rallies which are followed by major pullbacks.

This type of price action highlights insufficient liquidity of Onooks, which provides traders with an opportunity to move the price with a relatively small amount of money. However, all major rallies did not have any continuation, suggesting that most traders do not rush to buy Onooks.

While the recent attempt to gain sustainable upside momentum failed, such rallies may still serve as a positive catalyst for Onooks in the longer term. Each price spike increases the visibility of Onooks and may attract more traders and investors to the project, which can boost liquidity and increase the coin’s market cap.

For a look at all of today’s economic events, check out our economic calendar.