Despite the bearish price trend across coins in the crypto market today, OKB retained a nearly 23% gain on the weekly chart. This price behavior demonstrated the token’s resilience even as the global crypto market cap tanked by over 4%.
Although OKB has registered some price drops today, it traded bullish yesterday, closing at 4.62% gains. Its trading volume has increased by 54.47%, depicting increased network activity. The Sui airdrops on the OKX web3 wallet after its mainnet launch must have increased user activity for OKB.
What Could Be Pushing OKB’s Price?
Sui Network is a layer-1 blockchain and Smart Contract platform designed to scale digital asset ownership. Sui makes crypto assets ownership fast, secure, private, and easily accessible to everyone.
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Sui’s mainnet launch comes up in Q2 of 2023, and the network provided $5,000 worth of Sui token airdrops to OKX users. This could be fueling the rally in OKB price.
Aside from the Sui token airdrop, the OKB ecosystem promotes Web3 gaming activities. That could be another factor pushing OKB’s price as the Web3 space rapidly expands.
Following historical data, OKB has recorded an incredible price increase since the start of April. As of April 4, OKB traded at $40.77. It started rising gradually to $43.43 on April 13. Then on April 14, the token experienced a massive price surge of 16%, pushing it to $50.45 within 24 hours.
It didn’t end there. The token continued rising bullishly and hit $55.88 on April 15, another 10% price increase in 24 hours. Unfortunately, OKB experienced a slight pullback from $55.88 to $53.17 on April 16. It quickly recovered momentum and rose by 4.62% from $52.32 on April 17 to $54.73 on April 18.
OKB’s bullish price movement is why it could retain a 23.75% increase over the past seven days despite the market-wide downturn. At press time, OKB is trading at $51.80, with a high of $55.09 and a low of $51.30 over the past 24 hours.
OKB Price Outlook In The Coming Days
OKB is trading in a sideways trend today, recording a pullback from yesterday’s closing price of $54.73. It is bearish today and has formed a red candle on the chart.
However, OKB found support at the 78.6% Fibonacci level ($51.746), which has sustained the asset’s price in the last three days. It is also struggling as the bears at the 100% Fibonacci level ($54.938) keep pushing the price down.
OKB’s Relative Strength Index (RSI) is 61.10 in the neutral zone. Currently, the indicator is moving downwards, exhibiting a bearish trend.
However, the asset is trading above its 50-day and 200-day Simple Moving Averages (SMA), a short and long-term bullish sentiment. OKB will likely bounce off the 78.6% Fib level and rally again in the short term.