Key Takeaways:
- OKX's native token OKB jumped over 42% within 24 hours on Nov 3.
- The crypto exchange's recent developments acted as bullish cues for the token.
NEW DELHI (CoinChapter.com) — OKX’s native utility token OKB price rocketed 42% within a day on Nov 3 as the token went from the day’s low of $16.05 to reach an intraday high of $22.8. However, downward corrections resulted in OKB shedding some of its gains from the day.
Interestingly, OKB has not closed above $22 since Feb this year. OKB’s price jumped nearly 5% on Friday between intraday low ($19.5) and high ($20.5) levels. Furthermore, long wicks on both ends of the day’s candle indicate the struggle between bulls and bears to control OKB token price.
OKB price has been trending upward since Jun, with the token testing a multi-month ascending trendline support multiple times since Jun 2022. If the token keeps rising, OKB price might try to needle above resistance near $21.
A break and hold above immediate resistance could result in the OKX token price reaching resistance near $22.71 before retreating.
Meanwhile, OKB’s relative strength index became overbought after Nov 3’s rally. Currently, the RSI remains overbought, with a value of 74.04 on the daily chart. Traders consider overbought RSI levels an indicator of an upcoming bearish trend reversal.
Also Read: Twitter Employees Sue Elon Musk as Company Layoff Begins
If a sell-off ensues, OKB price might fall to test support near $19.2. Moreover, a marketwide sell-off might result in the OKEX token reaching $17.6 before recovering.
OKX Opens Regional Hub In Nassau
One of the reasons behind OKB’s price jump could likely be some of the bullish developments coming from the OKX camp. The cryptocurrency exchange recently announced the opening of a regional hub in Nassau.
The latest milestone comes during a period of growth for OKX, with its monthly spot trading volume reaching over $84 billion year to date.
The firm also announced its registration as a Digital Assets Business in the Bahamas under the Digital Assets and Registered Exchanges (DARE) Act. The company also formed a new subsidiary in the region, OKX Bahamas, appointing Dr. Jillian Bethel as CEO.
We are prioritizing growth in regulated markets because we want to enable responsible crypto activity globally. By working with forward-looking authorities like the Securities Commission of The Bahamas, we can create safe and sustainable environments for crypto to exist.
said Tim Byun, Global Government Relations Officer, OKX.
Furthermore, crypto exchange OKX introduced a smart Dollar Cost Averaging (DCA) trading bot. The smart DCA bot would help users select their risk parameters before working in a continuous investment mode. The bot would help investors benefit from better entry prices.
OKX has also integrated Aptos and announced the launch of the Aptos NFT trading event from November 4 to November 10, 2022. The event would give investors an opportunity to win $10,000 in APT tokens with 0% trading fees.
