OKB accelerates thanks to booming liquidity: Is a new peak coming?

In the past 24 hours, OKB has recorded a significant rise to the sky, with capital flowing in helping this asset surge by 12.28%, raising the total cumulative increase to 180%.

Market sentiment and trading activity signal a major growth surge towards the new all-time high (ATH) that could be the next phase for this token.

Liquidity flow into the market

Liquidity has continuously flowed into the market over the past few days, accompanied by high trading volumes in both the spot and derivatives markets.

According to data from CoinGlass, in the past 48 hours, spot investors have purchased a total of 3.69 million USD OKB and transferred it to personal wallets.

The derivatives market is also not left out, as Long traders increase their exposure to OKB during the same period.

Source: CoinGlassAt the time of writing, the funding rate based on OI (Open Interest Weighted Funding Rate) has risen to 0.0098% after previous declines, indicating that more and more Long positions are being opened and funded.

Meanwhile, the Long/Short ratio is at 1.1, reflecting that most exchanges are recording derivative volumes primarily from Long traders.

Is OKB preparing to set a new ATH?

The price chart analysis shows that OKB is trading in a rising triangle pattern, formed by a horizontal resistance line and a diagonal support line.

At the time of writing, OKB is testing the upper resistance zone. If it successfully breaks this level, the token could soar to a new ATH, surpassing the threshold of 142 dollars.

Source: TradingViewHowever, if it cannot break through this stage, the asset will continue to consolidate in the bullish pattern before it can finally break out to establish a new high.

This used to happen after investors created selling pressure on the market at that time.

Support Indicator for Rise

The technical indicators are reinforcing the bullish scenario. The Money Flow Index (MFI) shows that liquidity is still being pumped into the market.

At the time of writing, the MFI has reached one of its highest levels at 73.58, indicating strong buying activity, while investors have yet to show signs of withdrawing from this asset.

Source: TradingViewAdding to the optimistic sentiment is the Average Directional Index (ADX), a tool for measuring trend strength. Currently, the ADX is rising along with the price, which means the uptrend is being maintained and the likelihood of a breakout is very high.

Overall, the possibility of OKB reaching a new ATH is quite large and this asset seems to be ready for a strong breakout.

Dinh Dinh