OKB Token Faces Potential Reversal as Sentiment Turns Bearish
OKB’s remarkable journey saw it soar nearly 200% to reach an all-time high of $125.88. Its market cap spiked to $7.4 billion before cooling down to $104.4.
Santiment’s data reveals mounting bearish sentiment as OKB’s weighted sentiment has dipped negatively. Short positions are also on the rise, hinting at a forthcoming price pullback.
- Futures market’s weighted funding rate has gone negative.
- Early investors might be selling to secure profits.
Whale investors are notably reducing their holdings. Following the recent spike, the number of whale addresses between 10,000 to 100 million tokens has plummeted. This offloading could trigger more panic,causing prices to fall further.
Price analysis using the Relative Strength index (RSI) shows a bearish divergence. Though it sits in the overbought zone at 91, there’s still a risk looming. Simultaneously occurring, Fibonacci analysis suggests a vital support level at $81.96.
Over the next few days, watch closely. Will OKB stabilize at higher levels, or will gains crumble as the post-rally buzz fades?
Source: Santiment
