The OKB coin price is doing relatively well even as other cryptocurrencies like Ethereum and Bitcoin slump. The coin is trading at $27.33, which is about 33% above the lowest level this week. This rally brings its total market cap to more than $7.33 billion, making it the 31st biggest cryptocurrency in the world.
What is OKB?
OKEX is a mid-size cryptocurrency exchange that enables people to buy and sell cryptocurrencies. The company is headquartered in Hong Kong and processes more than a billion dollars every day. It offers more than 400 cryptocurrency trading pairs and serves more than 20 million traders from about 200 countries.
In addition to its centralized exchange, OKEX runs a decentralized finance (DeFi) platform known as OKDEX. Its other services include yield and loans products.
OKB is the native token for the OKEX and OKDEX ecosystem. It serves a number of roles in this ecosystem. For example, holders can get as much as 40% discounts when using the token.
Also, they can earn passive income by simply staking the token and participating in the OEC. OEC was previously known as the OKEXChain and is a decentralized, borderless, blockchain-based ecosystem for exchanging value. It has a total value locked of more than $1.8 billion.
OKB price has rallied in the past few weeks as investors cheer exchange-owned tokens. Crypto.com Coin has become one of the best performing similar coins. Other exchange-owned coins that have done relatively well are the Binance Coin, FTX Token, and Huobi Token. So, what next for the OKB price?
OKB price prediction
The four-hour chart shows that the OKB price has done relatively well in the past few weeks. It has risen by more than 185% from its lowest level in October this year. This rally has propelled its total market capitalization to more than $7 billion.
At the same time, OKB has managed to move above the 25-day and 50-day moving averages. The MACD has also moved above the neutral level while the coin is above the important support level at about $20.
It is also attempting to retest the key resistance level at $28.12, which was the highest level on November 25th. Therefore, a major bullish breakout will be confirmed if the price manages to move above this level. If it happens, the next key resistance level to watch will be at the all-time high of $32.
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