OKB price surges once more—here’s why a plunge to $65 could be imminent
OKB rockets upward again—but gravity's calling. The token's latest pump shows all the classic signs of a dead cat bounce, fueled more by exchange hype than actual utility.
Technical indicators flash red
RSI screaming overbought, volume divergence widening—traders are piling in just as smart money cashes out. That $65 support level isn't just a number; it's a magnet for liquidations when leverage flips.
Exchange token reality check
Unlike decentralized gems, OKB lives and dies by OKX's fortunes—and let's be real, no amount of 'buyback burns' fixes thin order books during a market sweat. When BTC stumbles, exchange tokens crash harder—it's basically crypto law.
Another 'stablecoin yield' product drops? How original—meanwhile real DeFi protocols are automating liquidity strategies while CEXs still play catch-up with 2019 tech.
Bottom line: This rally reeks of desperation. Bulls might enjoy the ride up, but that $65 floor looks awfully fragile when the music stops—and it always does.
OKB price at risk as the funding rate turns negative
OKB, the native token of OKX, a leading crypto exchange, surged last week as the developers announced a major change in its tokenomics and technology.
OKX upgraded to Polygon’s X Layer, which boosted throughput to 5,000 TPS, reduced gas costs, and improved its security and compatibility. Data show that over 90% of the OKX tokens have moved to the X Layer.
90%+ of $OKB has successfully transitioned to its new home on X Layer from the ethereum L1.
One token. One chain. 21M fixed supply. $OKB is the native gas token driving The New Money Chain. pic.twitter.com/1BGtkJXLOs
The developers also decommissioned OKTChain because of its overlap with X Layer. Most importantly, they reduced the number of OKB token in circulation to 21 million. They did that by executing a single-instance burn of 65.2 million tokens that it had repurchased.
The next potential catalyst for the OKB Price is the rumored OKX IPO in the nied States. This listing may happen this year after the successful Circleand Bullish IPOs.
However, in the NEAR term, the OKB token could be at risk of a reversal as the funding rate plunged. CoinGlass data show that the eight-hour funding rate dropped to -0.011%, its lowest point since August 17. A falling funding rate is a sign that investors anticipate the future price to be lower than where it is today.
OKB token technical analysis
The daily timeframe chart shows that the OKB price surged last week after the token burn announcement. Before that, it was in a prolonged consolidation as part of the accumulation phase of the Wyckoff theory.
The surge was part of the markup phase, which is characterized by higher demand and fear of missing out. As such, there is a risk that it will soon enter the distribution phase and crash.
More indicators, like the Relative Strength Index and the Stochastic Oscillator, show that it has become highly overbought. Also, it has moved much higher than the 50-day and 100-day moving averages, putting it at risk of a mean reversion.
If this crash happens, the OKB price could crash to the support level at $64, the swing high in November last year.
