NOIDA (CoinChapter.com)—DeFi platform Okratech (ORT) has been on a bull run in March, in lockstep with the wider crypto market. The rally helped ORT’s price rise to its highest level in almost a year. However, following its recent price spike, the token price risks a correction of over 16%.
Okratech is a DeFi platform that provides a Web3 platform for the freelancing sector.
ORT Price Risks Correction If It Fails To Clear Pattern Resistance
ORT price rally has resulted in the token forming a technical pattern called the ‘Ascending Channel,’ in which an asset’s price forms higher highs and higher lows. Currently, ORT price is testing the channel’s upper trendline resistance.
The Okratech token price spiked over 34% on March 12 to reach a daily high near $0.023 before paring gains, highlighting the presence of bears near the channel’s upper trendline. If ORT price starts to drop, the token might test the channel’s support trendline near $0.017, dropping over 19% from current levels.
However, breaking out of the pattern would pit ORT bulls against the 0.618 Fibonacci resistance near $0.024. Flipping the immediate resistance could help the Okratech token price target the resistance near $0.03 before corrections pare gains.
Conversely, breaching the channel’s support trendline might force ORT price to test the 20-day EMA (red wave) support near $0.012.
Another bearish risk for the ORT token comes from its relative strength index, currently overbought with a score of 91.47 on the daily charts. The RSI is a momentum indicator for measuring asset price movements to identify overbought or oversold conditions.
Overbought RSI levels and upward-moving average trendlines indicate a strong presence of bulls in the market. However, traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish correction or consolidation phase for the underlying token.
Okratech Hints At New Listing In March
The Okratech team has made several cryptic announcements hinting at a potential listing of the project’s token on another exchange in March.
However, details on the listing remained scant, with the project failing to share which exchange the team was targeting.
The ORT shilling campaign mostly comprises of random crypto users prophesizing that the token’s price was a step away from “going to the moon,” a crypto slang implying massive gains for an asset.
Yet, the lack of any tangible bullish cues suggests that the ORT price hike is based mostly on hype and risks correcting soon.
Bitcoin ETF fever reaches Indian markets. Read here to know more.
