OKB targets $205 resistance after 8% rally: check forecast

The cryptocurrency market has continued its positive performance, with altcoins leading the charge. Bitcoin continues to trade above $111k, while Ether is approaching $4,500 after adding nearly 2% to its value.

However, OKB, the native coin of the OKX crypto exchange, was the best performer among the top 50 cryptocurrencies by market cap.

OKB surges 8.5% despite the DNB fine

OKB, OKX’s native coin, outperformed other coins in the top 50 over the last 24 hours. It added 8.5% to its value during that period and is now trading at $179 per coin.

The positive performance comes as altcoins have performed excellently since hitting the Monday low.

However, OKB’s rally comes despite OKX receiving a $2.6 million fine from the Dutch National Bank (DNB). According to the DNB, the fine was for OKX operating in the Netherlands without registering with the regulator.

The fine was for operating from July 2023 to August 2024 without the legally required registration. It also applied before the full implementation of the MiCA regulation in Europe.

OKX was not the only crypto exchange to have been fined by the DNB. The Dutch apex bank fined Crypto.com 2.85 million euros, and Kraken 4 million euros. 

The fine didn’t dampen OKB’s performance as it outperformed BTC, ETH, and other leading cryptocurrencies.

OKB eyes the $205 resistance zone

The OKB/USD 4-hour chart is bearish and efficient, as OKB has lost 30% of its value since hitting a new all-time high price of $257 13 days ago. However, the technical indicators are switching bullish and could indicate an end to its recent bearish performance.

The MACD lines are about to cross into the positive territory, suggesting that the bulls are slowly regaining control of the market. The RSI of 59 also shows that the bullish momentum is growing.

At press time, OKB is trading at $179, with a huge resistance level currently lying at $188. If OKB breaks above the $188 resistance level sustainably, it would rally towards the $205 zone before attempting to hit the $220 psychological region over the coming hours and days.

An extended bullish run would allow OKB to rally towards its all-time high price of $257. However, it would need the support of the broader crypto market to surpass that all-time high. The RSI also needs to stay above 50 before OKB can embark on a sustainable recovery.

On the flipside, if the broader crypto market undergoes a correction, OKB could fail to overcome the $179 resistance level and will likely retest the weekend low of $163. An extended bearish run would see OKB drop to the $113 resistance region for the first time since August 20th. 

The general trend of the market is bullish, and this could support OKB’s rally in the near term.

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