Despite an intense bear cycle in the last few weeks, the trend reversal chances in the OKB price trend are increasing significantly. The anticipation of a trend reversal increases with the broader market sentiments improving and the rising channel pattern in the 1W chart.
With buyers planning to undermine the bear cycle, will the bullish trend in the OKB token reach the overhead trendline? More importantly, will the bulls manage to surpass the trendline to reach the psychological mark of $100?
Bulls Prepare a Comeback In Rising Channel
With an intense correction wave of 30% in the last 11 weeks, the OKB price dropped under the $50 psychological milestone. Furthermore, the downfall breaks under the 50W EMA and approaches the long-coming support trendline.
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Currently, the OKB price trades at $46.69, with an 8.62% drop this month, marking a second bearish candle in the monthly chart. However, the rising channel pattern in the weekly chart brings a potential reversal spot with the ascending support trendline.
Furthermore, the intraday growth of 1.79%, with a morning star pattern in the daily chart, increases the reversal chances. Hence, the sideline traders can find buying opportunities for lucrative returns next month at the current dip.
Technical indicators:
RSI: The weekly RSI line shows a quick downfall under the halfway line, reflecting a solid correction wave in motion.
Will OKB Price Reach $100?
With the OKB price trend reflecting an end-of-pullback phase around the corner, the altcoin projects a great buying opportunity for sideline traders. Considering that the bull run begins with the support trendline, the altcoin may soon reclaim the psychological mark of $50.
In a positive cycle, the token price can reach the overhead trendline close to the $75 mark. Optimistically, a breakout rally can reach the 100% Fibonacci level close to the $100 psychological milestone.
