OKB Technical Analysis: Inverted Head And Shoulder Teases Reversal

The OKB price action displays an inverted head and shoulder inchoating in the daily chart with a neckline at the 50% Fibonacci level at $16.54. The OKB price action maintains a trend between $13.5 and $16.5, leading to a bullish pattern reflecting an increase in underlying bullishness. However, as the neckline at $16.5 coincides with the 50% Fibonacci level, the buyers will have difficulty giving a bullish breakout. So, should you consider grabbing the bullish opportunity? Key Points: The OKB prices test the sellers at the $16.5 mark. The bullish reversal shows a high likelihood of an uptrend to $20. The intraday trading volume in OKB is $18.6 million. Source – TradingView OKB Technical Analysis The OKB price displays a bullish failure to exceed the $16.5 resistance level leading to a base formation at the psychological mark of $15. However, the price action demonstrates the possibility of an inverted head and shoulder, as marked in the technical chart. Currently, the bottom formation at the $15 mark signifies the right shoulder of the bullish pattern, with the neckline at the overhead resistance of $16.5. Furthermore, the neckline overlaps with the 50% Fibonacci level making the neckline an area of high selling pressure. Coming to the daily EMAs, maintaining a lateral trend, the recent reversal from $16.5 increases the bearish crossover chances between the 50 and 100-day EMA. If the OKB price trend completes the bullish patte...