OKB
OKB Price Analysis: OKB Coin formed a triple top and broke down from a positive sloping parallel channel
- OKB Coin price is looking to get back into the paralle channel after breaking out from the zone
- The coin formed a triple top pattern in the parallel sloping channel
- The coin broke out from a converging descending wedge on the hourly chart
OKB Coin Price has been on an upward sloping parallel channel over the past 3 months. The coin has now broken out of the pattern after forming a triple top and triple bottom pattern as can be seen on the chart. Having said that the coin took support at $ 23.00. The coin used this level as a support earlier and this level also acted as the resistance zone for the coin prior to the parallel channel trend. The Relative Strength Index (RSI) indicates neutrality for the coin. The coin was indicating a classical RSI-Price level divergence between October and December 2021 as can be seen in the chart. The divergence happens when the coin forms higher highs on the chart but lower highs on the RSI chart.
OKB Coin Price has formed strong bullish candles on the hourly charts during the last couple of hours breaking a minor resistance at $ 26.80. The coin was earlier in a downward sloping wedge pattern before making a bullish breakout. The coin consolidated for a while post the breakout and has now made a bullish move to break the local support. However, the coin has an overbought indication on the Stochastic chart.
Conclusion:
OKB Coin Price has been trying to reverse the trend after the break out from the positive sloping parallel channel on the daily chart. The coin broke from a downward sloping wedge on the hourly chart hinting at a bullish reversal.
Support: $ 23.00
Resistance: $ 27.00
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