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Price Analysis

Positive Sentiment Reigns OKB and DYDX Market; Indicators Point to More Gains

OKB/USD Price  Analysis

Even though bears initially had the upper hand and the price dropped to an intraday low of $47.40, OKB (OKB) bulls quickly swooped in and seized control. Once the positive trend resumed, the price climbed to a day-high of $51.01 before settling for a +$6.01 gain at $50.67 at the market close. This level was a big jump from the previous day, and it showed that OKB bulls are resilient even in the face of bearish dominance.

Since the 24-hour trading volume dropped by 13.71% to $54,224,760, the market capitalization grew by 6.44% to $3,040,708,248 to indicate the overall jump in market confidence as investors appear to be counting on the future success of OKB. However, this may suggest that investors are still hesitant to commit substantial sums of money to OKB, despite the market’s continued favorable sentiment.

OKB/USD 24-hour price chart (source: CoinMarketCap)

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The Keltner Channel bands linear motion, as the upper band, strikes $53.787 and the lower band hits $47.24, indicating that OKB market sentiment is optimistic. OKB looks in an uptrend and has broken away from its established range as the price action generates a green candlestick pattern and almost crosses the middle line of the Keltner Channel. In the near term, this is a positive indication for OKB since traders are looking to profit from the higher highs.

Regrettably, since the Aroon up is 28.57% and the Aroon down is 57.14%, indicating weak bullishness, traders should proceed with care and pay attention to both positive and negative signs before making any long-term choices. This movement shows that traders may profit from adopting a short-term trading strategy to capitalize on the momentum of OKB’s upswing while decreasing the danger of incurring losses by avoiding long-term investments.

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Because the stochastic RSI is trending north and above its signal line with a value of 53.93, indicating that the uptrend is gaining traction, traders should consider this optimistic indicator when making their next trading move. Consequently, traders should take advantage of OKB’s present rise by making short-term investments intending to profit from the current positive momentum.

OKB/USD 4-hour price chart (source: TradingView)

DYDX/USD Price Analysis

In the last 24 hours, bears effectively dragged down the dydx (DYDX) market to a low of $2.52, where support was established. However, bulls have reclaimed market power in the previous few hours, causing the DYDX price to value at $2.73, a 2.31% gain as of press time.

The market capitalization and 24-hour trading volume increased by 2.37% and 2.38%, respectively, to $426,386,402 and $426,386,402. This spike demonstrates increased demand for DYDX as more investors attempt to enter the market and profit from the current price activity. In addition, this boost in demand has fueled increased optimism in the DYDX market, with traders anticipating additional gains if bulls can hold control.

DYDX/USD 24-hour price chart (source: CoinMarketCap)

The Keltner Channel bands bulge on the DYDX price chart, with the upper band at 2.93110241 and the lower band at 2.4411015, implying increased price activity and volatility. This bulge shows that the market is bullish, with buyers attempting to purchase at higher prices while sellers try to drive prices down, resulting in a wider gap between the upper and lower bands. 

Ultimately, this causes the asset’s price to rise while providing additional possibilities for traders to profit. When the price nears the upper band, traders may establish long positions and wait to join until the price breaks out of the upper band, signaling the continuation of an uptrend.

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The Aroon up reading is 100.00%, while the Aroon down reading is 78.57%, suggesting a significant upswing in the market and buyers are more in control than sellers. This level indicates that the positive trend is likely to continue, and traders may initiate a long position at higher prices to profit from additional gains in the dydx price.

Due to the overbought conditions indicated by the stochastic RSI reading of 79.69, traders should use caution before starting an extended position. Furthermore, since the market may be approaching a reversal, traders should take long positions more cautiously and increase their stop-loss limits to prevent possible losses in the case of an unexpected price decline.

DYDX/USD 4-hour price chart (source: Trading View)

Bulls must break resistance in OKB and DYDX if prices are to set new highs in the near term.


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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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