- OKB price has been in a strong bearish trend in the past few weeks.
- OKX’s exchange saw its outflows jump to over $67 million in the past 24 hours.
- OKX will list ArbDoge AI and Bone ShibaSwap.
OKX’s crypto token retreated sharply on Monday as demand and outflows jumped. OKB dropped to a low of $44.16 on Monday, the lowest level since April 14. In all, the token has dropped by more than 22% from the highest point this month, meaning it has moved into a bear market.
OKX outflows jump
OKX price has dropped in the past few days. This decline is mostly because of the ongoing crypto sell-off since Bitcoin has moved into a correction. Bitcoin has dropped from this month’s high of $31,000 to a low of $27,000. Other coins have dropped sharply, bringing the total market cap of all cryptocurrencies from over $1.3 trillion to about $1.1 trillion.
It seems like this sell-off is having an impact on crypto inflows and outflows into exchanges. OKX, one of the biggest crypto exchanges in the world, has seen outflows jump by $67 million in the past 24 hours. It now has over $9.96 billion, making it the second-biggest exchange in the world after Binance. DeFi Llama does not track Coinbase, which is believed to be the second-biggest platform.
OKX price dropped after the developers announced that they will list two popular meme coins on Tuesday. It will list ArbDogeAI and Bone ShibaSwap on Tueday. This listing happened after winning an online poll that also included Pep, the new meme coin.
The other important OKX news was that the developers announced that it had added proportional copy trading mode to its copy trading product. This feature will make it possible for more trades of variable contract sizes to be followed.
Copy trading is a useful technique that makes it possible for people to copy trades from experienced traders and investors.
OKB token price prediction
The 4H chart shows that the OKB price has been in a strong bearish trend in the past few days. This decline happened after the token peaked at $56.75. It has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is approaching the oversold level.
It has also dropped below the key support level at $52.32, the highest point on March 18. Therefore, while there is more downside, I believe that the sell-off has been overstretched and that the token will crawl back in the next few days. If this happens, the next key level to watch will be at $50, which is ~10% above the current level.
