- OKB price surged by more than 10% on Friday.
- There was no immediate catalyst for the move.
- Technicals point to a brief pullback in the coming days.
OKB crypto price made a spectacular comeback on Friday, making it one of the best-performing companies in the industry. It surged to a high of $45.97, the highest level since June. This week, it has soared by more than 6% from its lowest point.
OKB is the native token for the OKX trading platform and OKB Chain, a layer-2 platform that makes it possible for developers to build decentralized applications (dApps). OKB Chain, which is now in its testnet, will feature faster speeds and low transaction costs. It will also be transitioned into a ZK layer-2 platform.
It is unclear why the OKB token rose on Friday since there was no new news. Still, a case can be made about OKX, which has grown to become the third-biggest crypto exchange in the world after Binance and Coinbase.
First, unlike these two companies, OKX is not facing any legal challenges by American regulators. The Securities and Exchange Commission (SEC) has not sued the company mostly because it targets customers in the Asian region.
This week, it was reported that the US Justice Department was considering launching a fraud lawsuit against Binance. It has backed away from doing that because of the rising fear of a run bigger than during the collapse of FTX.
Second, there is enthusiasm about the upcoming launch of OKB Chain’s mainnet in the coming months. If the layer-2 is successful and if more developers move to the network, we could see more use case for the token. OKB Chain will compete with the upcoming Base platform by Coinbase.
OKB price prediction
The 4H chart shows that OKB price made a strong comeback on Friday as demand for the token jumped. As it rose, the token crossed the important resistance point at $44.66, the highest point on July 16th. It then moved below that level as investors took profit.
OKB price remains above the 25-period and 50-period moving averages, and, as expected, oscillators like the RSI and the MACD have pointed upwards. The price is in above the top of the trading range of the Murrey Math Lines.
Therefore, the outlook for OKB price is bearish, with the next level to watch being at $43.28, the highest level on July 27th. A move above the overshoot level of $45.7 will point to more upside.
