- OKX token rose to the highest point since January this year.
- The exchange has seen robust inflows in the past few weeks.
OKB price has defied gravity in the past few weeks even as other cryptocurrencies have nosedived. The token jumped to a high of $25, the highest level since January this year. OKX crypto token has jumped by more than 122% from the lowest level this year, giving it a market cap of over $1.2 billion.
OKX sees inflows as Binance outflows rise
OKX is one of the biggest crypto exchanges in the world. The company has millions of customers globally and has partnered with some of the best-known brands, including McLaren Racing. OKX was formerly known as OKEx until it rebranded a few months ago.
Like other crypto exchanges, OKB has been under pressure this year as investors continued worrying about the industry. These worries accelerated following the collapse of top exchanges like FTX and Voyager Digital.
A key concern in the crypto industry is Binance, the biggest exchange in the world. According to DeFi Llama, Binance has seen outflows worth over $7 billion in the past seven days. Binance’s clients have also withdrawn coins worth $47 million in the past 24 hours.
Most customers have clearly sold their cryptocurrencies fearing that Binance could implode. For one, as I wrote on Friday, there are concerns about Binance’s financial records. And during the weekend, Mazars, the company’s accountant ceased doing business for crypto exchanges.
On the other hand, data shows that OKX’s volumes were a bit stable. The company has had over $193 million in inflows in the past 7 days. Users have also deposited over $400 million in the past 30 days, which is a positive sign. Other exchanges that have had inflows in the past 7 days are Huobi, Bybit, and Crypto.com.
OKB price also did well because of OKX’s investments in the World Cup, where it operated an NFT competition. The competition had over $3 million in prizes and thousands of competitors.
OKB price prediction
The 4H chart shows that the OKX token has been in a slow bullish trend in the past few months as inflows rose. It managed to move above the 25-day and 50-day moving averages and the ascending trendline shown in black.
The current price is slightly below the important resistance level at $23, which was the highest level on November 8 and August 14. Therefore, there is a likelihood that the token will continue rising as buyers target the key resistance at $30. This view will be confirmed if OKB moves above the weekend high of $25.
