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bitcoin
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$110,873 -0.47%
ethereum
Ethereum (ETHEREUM)
$4,425 1.47%
binancecoin
BNB (BINANCECOIN)
$849.43 -0.51%
solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
$2.84 -0.16%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -1.45%
pepe
Pepe (PEPE)
$0.000010 -1.98%
bonk
Bonk (BONK)
$0.000020 -3.10%
bitcoin
Bitcoin (BITCOIN)
$110,873 -0.47%
ethereum
Ethereum (ETHEREUM)
$4,425 1.47%
binancecoin
BNB (BINANCECOIN)
$849.43 -0.51%
solana
Solana (SOLANA)
$208.28 -0.85%
ripple
XRP (RIPPLE)
$2.84 -0.16%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -1.45%
pepe
Pepe (PEPE)
$0.000010 -1.98%
bonk
Bonk (BONK)
$0.000020 -3.10%
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OKB Price Prediction: Why OKB Could Hit $200 Soon

Highlights:

  • OKB consolidating between $183.67 resistance and $176.98 support
  • The coin could soon test $200 if US jobs data points to a possible rate cut
  • OKB could rally to prices above $1000 long term

OKB (OKB) is one of the top-performing cryptocurrencies among the top 100 largest cryptocurrencies today. While most altcoins are either in the red or barely moving, OKB has gained 9.11% to trade at $180.71. OKB’s price action points to underlying strength. 

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OKB trading volumes are also going up. In the last 24 hours, volumes have increased by 253.11% to $381.43 million. This indicates buyers are coming in strongly as the price picks up momentum. Strong confidence in OKB will likely drive more short- to medium-term gains. Several factors drive the strong bullish sentiment around OKB and could play a role in its future price action. 

OKX Moves to Deepen Liquidity for OKB

One of them is that the OKX cryptocurrency exchange is moving to deepen liquidity for OKB. Recently, OKB rallied by over 300% after the exchange drastically cut supply by over 50% to 21 million tokens. However, the exchange understood that this is not enough to sustain momentum. They have now moved to deepen liquidity by launching OKB-settled perpetual futures. Through these derivatives, traders can interact with the OKB token without holding it. These perpetual futures come with up to 20x leverage, making OKB highly attractive to speculative traders. Through these derivatives, OKB can avoid random price swings while continuing to benefit from the price dynamics that have come with the recent aggressive token burn. 

OKB Recent Token Burn Keeps Underlying Momentum Strong

The token burn has also made OKB a significantly undervalued token at the current price. OKB now has a supply of only 21 million tokens and mirrors Bitcoin. However, the price is way lower than Bitcoin, which means with strong demand, OKB can comfortably rally to prices above $1000 without necessitating an unrealistic market capitalization. The result is that more investors could gravitate to OKB in anticipation of the potential value appreciation that could follow. The fact that it is the ecosystem token for one of the largest cryptocurrency exchanges in the world also gives it a more substantial intrinsic value than the average altcoin in the market today.

Upcoming Rate Cuts Could Boost OKB

OKB could also gain further momentum due to the upcoming interest rate cut, scheduled for this month. During the Jackson Hole Symposium, the Federal Reserve governor hinted at a rate cut this month. Tomorrow’s upcoming jobs data will offer the most unambiguous indication of whether this will happen. Risk-on assets will likely rally if the jobs data favor a deep rate cut. The result is that OKB, which is already showing strength, could rally to new highs in the short term. A test of prices above $1000 would be within the cards if the market enters a bull rally that extends through Q4.

Technical Analysis – OKB Consolidating After Pump

After a pump for the better part of September 3, OKB is now consolidating. It is currently oscillating between $183.67 resistance and $176.98 support. If bulls take control and push OKB through the $187.67 resistance, a rally to $200 could follow in the short term.

OKB
Source: TradingView

On the other hand, if bears take control and push OKB through the $176.98 support, then a correction to $163.93 support is expected in the short term. Of these two scenarios, the odds are higher that OKB will breach resistance. That’s because a rate cut is expected soon, and that could push all risk-on assets higher.

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